Do Kwon, the founder of Terraform Labs, recently tested in a Montenegrin court, claiming he was unaware that the passport he possessed was allegedly forged. Instead, he placed blame on a Chinese-language institution. Kwon disclosed that he had obtained the passports and travel documents, including a Costa Rican passport, through a third-party agency. However, he could not recall specific details about the agency and mentioned that its name was in Chinese. Kwon denied suspicions regarding the authenticity of his Costa Rican passport, as he had been using it for many years without questioning its legitimacy.
During the court proceedings, prosecutors pressed Kwon for more information about the passport agency, but he could not provide precise details. Additionally, Kwon denied allegations of financial contributions to Montenegro's former finance minister, Milojko Spajić. Although Kwon had reached out to Spajić through a letter sent to Montenegrin officials, Spajić denied any relationship with him. Reports of their alleged financial association have been extensively covered by local news outlets. The court is set to deliver its verdict on the forgery charge on June 19, while Kwon remains in extradition detention pending a review of South Korea's extradition request.
Kwon and his colleague, former Terraform Labs CFO Han Chong-joon, were arrested in March after being accused of forging passports in an attempt to leave Montenegro for Dubai on a private flight. Initially granted bail, their release was overturned on appeal, but they were subsequently released on bail on June 5. They are closely monitored by local authorities, and any violation of the approved conditions would result in forfeiture of their bond. The collapse of Terraform Labs' Terra ecosystem in May 2022 led to an estimated loss of up to $40 billion.
Summary
Do Kwon, the founder of Terraform Labs, tested in a Montenegrin court, claiming he was unaware that his passport was allegedly forged and blamed a Chinese institution. He admitted obtaining the passports through a third-party agency but could not recall specific details about it . Kwon denied allegations of financial contributions to a former finance minister. The court is expected to deliver its verdict on the forgery charge, while Kwon remains in extradition detention pending review of South Korea's extradition request. Kwon and his colleague were arrested in March for attempting to leave Montenegro with forged passports. The collapse of Terraform Labs' Terra ecosystem resulted in significant financial losses.
