• Terraform Labs founder and CEO Do Kwon recently appeared in a Montenegro court, where he blamed a “Chinese-named agency” for providing him with “fake” travel documents.
• Kwon was arrested in May with Terraform’s former chief financial officer Han Chong-joon as they were allegedly attempting to board a plane bound for the UAE.
• Kwon has applied for bail twice while prosecutors from South Korea, the US, and Singapore have asked him to be extradited to face charges.
Do Kwon Blames Chinese Agency for Fake Passports
Terraform Labs founder and CEO Do Kwon told a District Court in Podgorica, Montenegro that he did not know the „fake“ travel documents he was allegedly trying to leave the country with were forged – and blamed a “Chinese-named agency”. He claimed that he had “trusted” the agency “because it was recommended” to him “by a trustworthy friend.“
Arrest of Do Kwon & Han Chong-Joon
Kwon was arrested in May along with Terraform’s former chief financial officer Han Chong-joon as they were allegedly attempting to board a plane bound for the UAE. Both are wanted in their native South Korea on fraud charges.
Court Appearance of Do Kwan
During his latest court appearance, Kwon also „insisted on the innocence“ of Han, asking the court: „If somebody needs to be punished for [using a] fake passport, let that be me alone.“Kown has applied for bail twice while prosecutors from South Korea, the US, and Singapore have asked him to be extradited to face charges.
But as Montenegro and South Korea have never signed an extradition treaty, deporting Kwon may prove tricky. Earlier this month, a Higher Court representative told reporters: „The judge of the Higher Court has ordered [that Kown and Han] remain under house arrest until further notice.“
LUNC Prices Remain Stable During Court Appearance
LUNC prices were relatively stable on June 18 as news of the court appearance broke. Despite all these proceedings LUNC prices remain steady indicating that investors do not perceive any negative impact on Terra ecosystem coins due this incident.