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TerraUSD Crypto Boss Do Kwon Jailed in Montenegro – BBC

Korean crypto promoter was arrested with a colleague in March but faces another month in custody, however where the pair will end up after that is uncertain

Do Kwon, the cryptocurrency entrepreneur, who created the failed TerraUST stablecoin, is taken to court in Podgorica, Montenegro.
Do Kwon, the crypto entrepreneur, who created the failed TerraUSD "stablecoin", is taken to court in Podgorica, Montenegro, on March 24, 2023. (Reuters, Stevo Vasiljevic).


Do Kwon, the Korean crypto promoter behind the $40-billion collapse of Luna and TerraUSD tokens in May 2022, has been jailed for four months in Montenegro, according to a report by the BBC that said he and a colleague had been found guilty of attempting to travel on counterfeit documents. Other news-sites said they attempted to use “fake Costa Rican passports”.

The former crypto whiz and his his former finance officer Han Chang-joon may only face a few more weeks in custody as the sentence they received includes the three months or so since their arrest at Podgorica airport in March.

A South Korean court last year issued an arrest warrant for Kwon and five others linked to the Terraform Labs collapse, while US regulators have also charged him with “orchestrating a multi-billion-dollar crypto asset securities fraud”, however neither country has extradition treaties with Montenegro, the report said, so it is uncertain where Kwon and his associate will end up once they are released.

Read the full report: The BBC.




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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.


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