- Do Kwon was arrested in March as he tried to board a flight to Dubai.
- The CEO of Terraform Labs is needed in South Korea and america on costs associated to the collapse of TerraUSD and Terra LUNA.
- Kwon was convicted together with Han Chang-joon, the previous CEO of Chai, a South Korea-based fee app.
Within the newest cryptocurrency-related information, a Montenegrin court docket sentenced Terra co-founder Do Kwon to a four-month jail time period after he was discovered responsible of utilizing a faux passport.
Kwon was arrested in March
Kwon, who fled to Montengro as a part of an effort by South Korea and america to catch him following the collapse of Terra LUNA and TerraUSD, reportedly tried to flee the nation with faux paperwork.
In line with reviews, the CEO of Terraform Labs was sentenced alongside Han Chang-joon, the previous CEO of Chai, a fee app based mostly in South Korea.
Kwon and Chang-joon had been arrested in March as they tried to flee to Dubai, with prosecutors accusing them of possessing faux passports bearing particulars of Costa Rica and Belgium. Each had pleaded not responsible.
Previous to sentencing, Kwon’s $400,000 bond was reportedly canceled by the next court docket. The previous crypto mogul, whose crypto platform crashed in Could final yr and noticed greater than $40 billion price of crypto worn out in days, has already confronted a compulsory extension six months of his detention and now faces a four-month keep in a jail in Montenegro.
Along with being wished in South Korea, Kwon faces extradition to america the place he has been charged with a number of costs together with fraud.
