Terraform Labs Co-Founder Do Kwon Charged with Forgery in Montenegro

Terraform Labs Co-Founder Do Kwon Charged with Forgery in Montenegro

Almost a month after Do Kwon’s arrest by Montenegro Police, prosecutors have now charged the co-founder and CEO of Terraform Labs with forgery. The decision to charge Kwon is likely to delay attempts to extradite him to South Korea and the United States, where he faces several charges. Prosecutors in Montenegro have reportedly asked the court to extend the custody of Kwon and his associate.

Belgrade Hideout Seized by Serbian Police

Prosecutors in Montenegro have reportedly charged Terraform Labs co-founder and CEO Do Kwon with forgery for using a fake passport and other identification documents when he was trying to flee the Balkan state on March 23, 2023. Kwon’s indictment is likely to complicate efforts to extradite him to the US and South Korea, where he is facing multiple charges, reports DL News.

Kwon and his associate Han Chang-Joon were arrested at the Podgorica airport while trying to leave for Dubai in a private jet. At the time of his arrest, Kwon was reportedly found in possession of a fake Costa Rican passport.

It is also reported that Kwon and Han lived in an apartment in Belgrade that was acquired for about USD 2.2 million by the latter in September 2022. Serbian media reports have stated that the apartment where Kwon and Han reportedly lived for six months was recently seized by the Serbian Police.

Prosecutors Seek Extension of Kwon’s Custody 

The Montenegro court initially ruled that both men arrested by the police at Podgorica airport should remain behind bars for 30 days. But if the court agrees to the prosecutors’ demand for an extension, more days are likely to be added, DL News reports.

"After the court decides on the extension of detention, the public will be informed about the case," a spokesperson for the court, Maja Kosovic, said.

Upon conviction by the Montenegro court, Kwon and Han are likely to be handed prison terms ranging between three months and five years, according to the report. Both of them could serve a prison term in Montenegro before they can be extradited to the US or South Korea.

What is your take on Kwon and Han being charged with forgery? Please post your comments.