Terra Co-Founder Do Kwon Denies Forged Passport Allegations

Terraform Labs co-founder Do Kwon has denied any wrongdoing amid allegations that he and his enterprise accomplice Chang-joon Han had used solid passports.

In an announcement to the Montenegrin Primary Court docket final Friday, Kwon stated he was unaware of the alleged forgery of the Costa Rican passport he was carrying, in line with a report from South Korean information outlet Segye Ilbo. “If I had suspected it was a faux passport, I might not have traveled to many international locations,” Kwon is quoted as saying.

“I stuffed out all of the paperwork and obtained a Costa Rican passport via an company in Singapore beneficial by a good friend,” Kwon reportedly stated, including that he had traveled all around the world with a Costa Rican passport.

Moreover, Kwon is in possession of a Belgian passport, which he claims to have obtained via one other company.

Kwon and Terraform Labs’ former chief monetary officer Han had been arrested at Montenegro’s Podgorica airport in March whereas making an attempt to journey to Dubai with allegedly solid paperwork, following the collapse of the Terra ecosystem in 2022.

The pair are the topic of a jurisdictional battle between prosecutors in South Korea and the U.S.

When questioned by the prosecution in regards to the particular company he used for acquiring his passports, Kwon reportedly acknowledged that he could not recall the precise particulars.

He talked about that the company’s identify was in Chinese language however could not present any additional info.

Kwon additionally insisted on the innocence of his aide Han, telling the court docket that “If you’re punished for a faux passport, let me be the one one.”

The prosecution, nonetheless, requested the court docket to punish each Kwon and Han, reportedly saying that if the passport was not issued by a professional establishment, it was made with unhealthy intentions.

The court docket’s verdict is predicted to be delivered on Monday, June 19.

Do Kwon and Terra

The collapse final yr of the Terra ecosystem, its algorithmic stablecoin UST and its sister coin LUNA, is taken into account to be among the many key elements that contributed to the crypto business’s slide right into a prolonged crypto winter.

Again then, the costs of Bitcoin and different main cryptocurrencies plunged closely following the implosion of Terra, whereas additionally hitting a number of established crypto corporations, resembling Three Arrows Capital (3AC), Voyager Digital, and Celsius Community, which all went bankrupt.

Aside from denying the forgery accusations associated to his journey paperwork, Kwon additionally pushed again towards allegations that he had made monetary contributions to Milojko Spajić, the previous finance minister of Montenegro and present chief of the Europe Now occasion.

In keeping with a Radio Free Europe report, the South Korean entrepreneur “decisively denied” that he had any monetary relations with Spajić, or that he participated in any means within the financing of his political marketing campaign.