Do Kwon Denies Passport Forgery Allegations

Do Kwon is facing trial for passport fraud amidst international intrigue and alleged political interference.

In a recent development related to the dramatic crash of cryptocurrencies Terra and Luna, Hyeong Do Kwon, CEO of Terraform Labs, has dismissed allegations of passport forgery. Arrested in Montenegro with a falsified Costa Rican passport, Do Kwon asserted that he got his passport through a Singapore agency, which a friend of his recommended.

Do Kwon’s Explanation

Do Kwon received this passport through an agency based in Singapore, as recommended by a close acquaintance. He explained that he previously applied for a Grenada passport through the same agency, but authorities rejected his application. However, when he applied for a Costa Rican passport, authorities accepted it. This successful application alleviated any doubts he may have had about the agency. He asserted his innocence by pointing out that he had traveled globally using this passport, something he would not have risked if he suspected it was counterfeit.

The name of the agency, however, remained undisclosed as Do Kwon stated that it was in Chinese, and he couldn’t remember it accurately. He further pleaded that if there were to be any penalty for using the alleged forged passport, it should be imposed only on him, maintaining the innocence of his close associate, Mr. Han, who was also arrested.

Prosecution Stance and Legal Proceedings

The prosecution asserted that the passport wasn’t issued by an authorized agency, clearly indicating a malicious intent to forge it. They requested that the court penalize Do Kwon and Han. Authorities arrested both of them in March while attempting to board a flight to Dubai from Podgorica International Airport. They were subsequently detained after their bail appeal was overruled due to the low bail amount and potential flight risk.

Despite the high-profile nature of the case, the involved parties managed to secure bail by paying €400,000 each (~$540,000). However, the higher court in Podgorica rescinded this decision following a prosecutor’s appeal, leading to their current detention status.

Requested Extradition and Denied Involvement in Political Funding

This arrest has sparked international attention, with both the United States and South Korea demanding Do Kwon’s extradition due to his involvement in an alleged billion-dollar cryptocurrency market scam. Yet, the extradition has been put on hold as he faces trial in Montenegro for possession of a fake passport.

Do Kwon has also come under scrutiny for potential political involvement in Montenegro. There have been speculations that he unlawfully funded the political campaign of Milo Spajic, the leader of the “Europe Now” movement. In the latest proceedings, Do Kwon vehemently denied any monetary transaction or involvement with Spajic’s campaign.

The Political Turmoil in Montenegro

The allegations of illegal campaign funding have stirred a political storm in Montenegro. The prime minister, Dritan Abazovic, instigated these claims without offering any proof, targeting Milo Spajic, the leader of the “Europe Now” movement, specifically. After a National Security Council meeting, the Minister of Interior Affairs, Filip Adzic, stated that there was evidence of campaign funding and joint business between Spajic and Do Kwon. All these developments occurred just five days before the parliamentary elections held on June 11th.

Milo Spajic and his movement have sternly refuted any financial link to Do Kwon, especially regarding campaign funding. In response to these allegations, Spajic declared that he would not form a coalition with Dritan Abazovic’s “Civic Movement URA.” Spajic’s “Europe Now” movement emerged as the winner of the parliamentary elections, and he will form the new government. Given the current situation, the charges against Do Kwon could potentially affect political stability in Montenegro, adding another layer of complexity to an already complicated situation.

The geopolitical dimensions of the case and its influence on Montenegrin politics, along with the allegations of cryptocurrency fraud, have made Do Kwon’s arrest a high-profile international incident. The outcomes of the ongoing trial will likely have far-reaching implications on several fronts.

As Do Kwon continues to deny all allegations, crypto community wants to see how international actors will want Do Kwon’s trial to proceed. The global cryptocurrency community is eagerly awaiting the resolution of this case, with its potential impacts on market stability and investor trust.

Do Kwon to Spend Four Months in Prison

Following a ruling by the Montenegrin court, Do Kwon, the founder of Terraform Labs, will spend four months in prison after authorities convicted him of using a counterfeit passport. Han Chong-joon, the former chief financial officer of Terraform Labs and Kwon’s colleague, is also guilty of similar charges and received an identical sentence. The statement released by the Montenegro Basic Court on their website assured that the time spent in custody by both men will also count.

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