Regulation

Do Kwon Loses Appeal To Overturn Guilty Verdict

Do Kwon Loses Appeal To Overturn Guilty Verdict

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Do Kwon, the ex-CEO and creator of Terraform Labs, had appealed to overturn a passport fraud conviction imposed by a Montenegro court. The court, however, rejected Kwon’s appeal and upheld the guilty verdict. 

Montenegro Court Affirms Guilty Verdict

Do Kwon, the 31-year-old founder of Terraform Labs, faced a significant setback on Thursday as the Higher Court of Podgorica in Montenegro rejected his appeal to overturn the guilty verdict issued earlier this year. The court's decision is final, marking the end of Kwon's attempts to reverse his conviction for using a false passport.

In June, the Podgorica Basic Court found Kwon and his associate, Han Chang-Joon, guilty of falsifying passport documents. The court sentenced them to a four-month prison term, a verdict that was upheld by the Higher Court of Podgorica. The court emphasized that it had accurately identified the factual circumstances and applied Montenegro's criminal code appropriately.

Passport Fraud 

Kwon and his associate had used fake Costa Rican passports in an attempt to leave Montenegro on a private jet in March. Kwon later testified that he believed the passports were legitimate. He and Chang-Joon attempted to challenge the charges, arguing against the validity of the accusations. However, the Higher Court stood firm in its decision, stating that it had thoroughly assessed the case and maintained its stance on the accuracy of the initial verdict.

Furthermore, assessing the conduct of Kwon and Chang-joon and the ambiguity surrounding the use of the manipulated documents, the court considered the confiscation of their ID cards necessary to prevent potential future criminal activities.

A Globally Wanted Man

In addition to the passport fraud case, Kwon faces multiple allegations connected to the downfall of TerraUSD and Luna, which lost $40 billion in value last year. He is wanted by authorities in South Korea, where a warrant is out for his arrest, and the US, where the Securities and Exchange Commission (SEC) has charged him with securities violations. Montenegran authorities are deliberating whether to send him to the U.S. or South Korea. 

Kwon had been on the run for months before his arrest, hiding in a luxury flat in neighboring Serbia despite an Interpol red notice. Currently incarcerated in a Montenegro prison, he awaits the outcome of extradition proceedings brought by South Korean officials and the U.S. Justice Department.

Do Kwon's legal challenges continue to mount, and the denial of his appeal in the passport fraud case adds another layer of complexity to his already tumultuous situation.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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