Do Kwon Gets 4 Months In Prison In Montenegro On Counterfeit Passport Charges

Montenegro’s court has determined that Do Kwon, the co-founder of Terraform Labs, is guilty of using a counterfeit Costa Rican passport. He has been sentenced to four months in jail for the offense.

By Staff

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Do Kwon, the founder of Terraform Labs, was found guilty of using a counterfeit passport by a court in Montenegro and given a four-month prison term.

Kwon’s colleague and former Terraform Labs chief financial officer Han Chong-joon was charged alongside him and received the same sentence. The time both men spent in detention will be taken into account, the Montenegro Basic Court said in a statement on its website.

Kwon was accused of trying to exit the nation while in possession of a fake Costa Rican passport. He reportedly told a Montenegro court that he wasn’t aware the passport he was traveling with was allegedly forged and instead pinned the blame on a Chinese-named agency.

According to a June 17 report from South Korean news outlet Segye Ilbo, Kwon told the Montenegro Basic Court he received his allegedly forged passports and travel documentation, including a Costa Rican passport, through third-party agencies.

According to Kwon, because he’d been traveling with his Costa Rican passport for years, he had no reason to doubt its authenticity.

In addition to denying forgery of travel documentation, Kwon denied allegations he made any financial donations to Montenegro’s former finance minister Milojko Spajić, the now-leader of the Europe Now party.

Kwon’s sentencing comes after the former executive of Terraform Labs was granted bail, with a set amount of $435,000. Nevertheless, the Montenegrin High Court unequivocally revoked the lower court’s bail ruling on May 24, 2023.

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