Terraform Labs founder Do Kwon handed four month sentence in Montenegro
for a scheme that lost investors $40 billion when the company's cryptocurrency plummeted last year — but, for now, he will sit in a Montenegrin prison. Kwon has been found guilty on charges of forging official documents and sentenced to four months in jail after a late March arrest while trying to board a flight to Dubai from Podgorica Airport with fake Costa Rican passports, local newspaper.
Kwon and his associates marketed TerraUSD and Luna as stablecoins pegged to the US dollar, purportedly giving them more, well,and took many of their investors' life savings along with them, with these individuals subsequently filing complaints that Kwon had run a Ponzi scheme.
" list at the request of Korean authorities, signaling law enforcement worldwide to arrest him. Montenegrin authorities cited this as another reason for arresting Kwon. in February with failing to"provide the public with full, fair, and truthful disclosure as required for a host of crypto asset securities, most notably for LUNA and Terra USD.
Though Montenegro doesn't have extradition treaties with the US or South Korea, the idea is still on the table. The four-month jail sentence comes shortly after Montenegrin authorities increased their custody stay by six months while determining if and how to proceed with the two nation's extradition requests.
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