Do Kwon, the founder of Terraform Labs, has pleaded not guilty to charges of using forged identification documents in Montenegro. Kwon and another citizen of South Korea were charged with using falsified documents and have offered 400,000 euros each to be released on bail.
The court in Podgorica, Montenegro’s capital, has not yet decided on the motion. Kwon was arrested in Montenegro in March on an international arrest warrant in connection with a $40 billion crash of the firm’s cryptocurrency that devastated retail investors around the world.
LUNA Founder Do Kwon
Both South Korea and the United States have requested his extradition from Montenegro. South Korea asked Interpol in September to circulate a “red notice” asking the agency’s 195 member nations to find and apprehend the 31-year-old Kwon. He and the other man were arrested at Montenegro’s Podgorica Airport on March 23 while awaiting extradition.
In addition, South Korean authorities have frozen around $2 billion worth of assets tied to Kwon, the CEO of blockchain firm Terraform Labs, as they continue their investigation into the catastrophic crash of cryptocurrencies Terra Classic (USTC) and Luna Classic (LUNC).
