Report: Terraform Labs Co-Founder Do Kwon Charged by Montenegro Prosecutors

Nearly a month after Do Kwon’s arrest by Montenegro law enforcement, local prosecutors have now indicted the co-founder and CEO of Terraform Labs. The decision to indict Kwon is likely to delay attempts to extradite him to South Korea and the United States where he faces several charges. Local prosecutors have reportedly asked a court to extend Kwon and his associate’s detention.

Kwon’s Hideout Seized by Local Law Enforcement

Prosecutors in Montenegro have reportedly hit Terraform Labs co-founder and CEO Do Kwon with charges of using a fake passport and other identification documents when he attempted to flee the Balkan state on March 23, 2023. According to a DL News report, Kwon’s indictment is likely to complicate efforts to extradite him to the U.S. and South Korea where he faces multiple charges.

As previously reported by Bitcoin.com News, Kwon and his associate Han Chang-Joon were arrested while attempting to leave for Dubai via a private jet. At the time of his arrest, Kwon was reportedly found in possession of a fake Costa Rican passport.

Before attempting to leave Montenegro, Kwon and Han lived in a Belgrade apartment that was acquired for about $2.2 million by the latter in Sept. 2022. According to local media reports, the apartment where Kwon is thought to have been holed up for six months was recently seized by local law enforcement.

Prosecutors Seek Extension of Kwon’s Detention

Following the two men’s capture by local law enforcement, a Montenegro court initially ruled that the duo should remain behind bars for 30 days. However, as noted in the DL News report, more days are likely to be added if the court gives in to the prosecutors’ demand for an extension.

“After the decision on the extension of detention by the court, the public will be informed about all available information regarding this case,” Maja Kosovic, a spokesperson of the court reportedly said.

According to the report, if Kwon and Han are convicted, they are likely to be handed prison terms that range between three months and five years.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.