Do Kwon, was apprehended with the fraudulent passport in his possession. Despite his claim of being unaware of its illegitimacy, the court found him guilty and handed down a four-month prison term. This recent development adds to the list of legal troubles Kwon is currently facing.
Notably, Kwon has also been accused of knowingly making false and misleading statements about two tokens, as well as launching the tokens LUNA while fully aware that the underlying algorithms would not deliver the promised results. These allegations have garnered significant attention from South Korean prosecutors, who have indicated that if convicted, Kwon could potentially face an unprecedented 40 years behind bars for a financial crime.
The case surrounding Kwon’s involvement in the Terraform project has captured widespread interest within the crypto community. Terraform, once hailed as a promising initiative, encountered numerous setbacks that ultimately led to its demise. The project aimed to revolutionize blockchain technology through the creation of stablecoins and decentralized finance (DeFi) solutions.