Do Kwon Accused of Using Fake Passport
Montenegrin authorities have accused Do Kwon, the co-founder of Terra, of using fraudulent documents to travel to Dubai. Kwon, who was previously referred to as the “cryptocurrency king” is facing charges of producing and using a fake passport and other identification documents during his attempt to travel to Dubai from Montenegro last month. The charges were included in an indictment that was submitted to the Montenegrin Basic Court on Thursday.
Kwon and Han Detained for Thirty Days Following Arrest in Montenegro
If found guilty, Kwon and his colleague Han Chang-Joon, who was travelling with him, could face jail terms ranging from three months to five years. Kwon is also facing fraud charges in the United States and South Korea for his alleged involvement in the collapse of the $60 billion Terra blockchain network last May.
Kwon had been on the run from Interpol for months before his arrest on the runway of Podgorica Airport in Montenegro on March 23. He is accused of attempting to use a forged Costa Rican passport while attempting to board a chartered private plane.
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Kwon and Han had allegedly been holed up in a luxurious apartment in Belgrade, Serbia for a number of months before attempting to travel to Dubai. The apartment was taken over by Serbian authorities after a story was published by DL News a week ago. South Korea is also looking for Han on allegations of financial fraud.
Following their arrest, a judge ruled that Kwon and Han be detained for thirty days. On Thursday, a prosecutor from the State Prosecution office requested that their imprisonment be prolonged for an additional period of time.
Co-Founder’s Case Highlights Need for Greater Crypto Regulation
The case highlights the risks associated with cryptocurrency and the need for greater regulation in the industry. Cryptocurrencies, such as Terra, are often used for illegal activities due to their anonymity and lack of oversight. Kwon’s alleged involvement in the collapse of the Terra blockchain network underscores the need for stricter regulations to prevent fraud and other criminal activities.
The case is also a reminder that individuals cannot escape justice by hiding in different countries. The extradition requests by the United States and South Korea show that international cooperation is essential in prosecuting individuals accused of financial crimes. Kwon and his colleague Han Chang-Joon may face significant jail time if found guilty of using fraudulent documents, and the case serves as a warning to those who engage in illegal activities using cryptocurrencies.
