Terraform’s Do Kwon pleads not guilty to passport forgery

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Ter­raform Labs chief exec­u­tive offi­cer Kwon Do-hyeong and chief finan­cial offi­cer Han Chang-joon denied charges of attempt­ing to trav­el with fake trav­el doc­u­ments dur­ing a court hear­ing Thurs­day in Mon­tene­gro. Their attor­neys request­ed bail, which the court will decide at a lat­er date, accord­ing to a state­ment by the Basic Court of Podgorica.

See relat­ed arti­cle: From bil­lion­aire to Mon­tene­gro jail: The rapid rise and fall of Ter­ra chief Do Kwon

Fast facts

  • Attor­neys for Kwon and Han pro­posed that they be giv­en bail at 400,000 euros (US$437,000) each, to which the local court said it will decide “with­in the legal term.” 
  • The next hear­ing for the two South Kore­an nation­als is expect­ed to take place on June 16.
  • Kwon was arrest­ed at Pod­gor­i­ca air­port of Mon­tene­gro on March 23 along with Han, and the Mon­tene­grin court announced the indict­ment of the two on April 21. 
  • Terraform’s algo­rith­mic sta­ble­coin and cryp­tocur­ren­cy project Ter­ra-Luna crashed in May 2022, blow­ing away over US$40 bil­lion in mar­ket cap­i­tal­iza­tion. Kwon is want­ed in the U.S. and South Korea where pros­e­cu­tors accuse him of fraud, secu­ri­ties law vio­la­tions and sev­er­al oth­er charges relat­ed to the collapse. 
  • Dan Sung-han, the direc­tor of Seoul South­ern District’s joint finan­cial crimes team, told The Wall Street Jour­nal last week that Kwon may face over 40 years in prison if he is extra­dit­ed to South Korea and con­vict­ed on the charges. That would be the longest sen­tence ever giv­en for a finan­cial crime in the coun­try, he said.
  • Kwon has repeat­ed­ly denied all the alle­ga­tions against him, main­tain­ing that mis­takes were made in the Ter­ra-Luna cryp­to project man­aged by his Ter­raform Labs, but there was no intent to deceive investors. Kwon also claimed that charges against him in South Korea are polit­i­cal­ly motivated.
  • Mean­while, South Kore­an pros­e­cu­tors indict­ed Ter­raform Labs co-founder Shin Hyun-seung, or Daniel Shin, and nine oth­er Ter­raform asso­ciates on April 25 for tak­ing part in the alleged finan­cial fraud sur­round­ing the col­lapsed Ter­ra-Luna cryp­to project. 
  • A Seoul court set a tri­al for Shin on May 26.

See relat­ed arti­cle: Pros­e­cu­tor says Ter­ra-Luna fugi­tive Do Kwon should face tri­al in South Korea: WSJ

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