Do Kwon Will Appear In Court On May 11 For Fraud Charges

Key Points:

• Do Kwon will appear in court in Montenegro on May 11 on allegations of trying to travel with a forged passport.
• On April 21, the court announced Kwon and Han’s indictment and prolonged their custody due to flight danger.
• Kwon is sought in the United States and South Korea, where prosecutors accuse him of fraud and other offenses linked to Terra’s demise.

Do Kwon, who is being investigated in several countries for alleged fraud related to the collapse of his crypto project Terraform Labs, will stand trial in Montenegro on May 11 on charges of attempting to travel with a forged passport, according to the court’s website in Podgorica, the country’s capital.

Kwon was detained on March 23 at the Podgorica airport, along with Terraform Labs’ chief finance officer, Han Chang-joon. Since then, both have been incarcerated in the nation. They are claimed to be attempting to go to Dubai and to have retained a variety of travel and identification papers under several identities. Kwon and Han are both Korean citizens.

Kwon is sought in the United States and South Korea, where prosecutors accuse him of fraud and other offenses relating to the May 2017 collapse of the Singapore-based $40 billion Terra-Luna stablecoin and cryptocurrency scheme.

Do Kwon has disputed all accusations leveled against him. Terraform Laboratories believes that South Korea’s probe into Terra-Luna has become excessively political and that the charges are without merit. Do Kwon got an Interpol red notice for his arrest while attempting to elude the authorities.

On April 21, a Montenegro court announced Kwon and Han’s indictment and prolonged their custody due to flight danger.

The US Securities and Exchange Commission (SEC) sued Kwon and Terraform Labs, the company he co-founded, in February, claiming fraud in connection with the demise of the TerraUSD stablecoin. The firm, according to the agency, is involved in the illicit selling of unregistered securities and has carried out a plan to destroy at least $40 billion in market value.

In a similar event, Kwon’s attorneys in the United States urged a judge in the Southern District of New York to dismiss the Securities and Exchange Commission’s allegations that accuse the leader of fraud concerning crypto assets.

Attorneys for Do Kwon said the US regulator’s complaint accusing him and Terra of fraud is unfounded, in part because the stablecoin is referred to as a currency rather than a security.

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Harold

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