Terraform Lab’s Do Kwon Enters Not-guilty Plea in Montenegro Court

• The duo tried to board a private plane bound for Dubai with fake documents.
• Do Kwon is facing charges from authorities in Montenegro, South Korea, and the U.S.

After being detained on an international warrant and accused of traveling with phony papers, controversial crypto entrepreneur Do Kwon filed a not-guilty plea in a Montenegrin court.

The 31-year-old CEO of Terraform Labs and the company’s ex-CFO, Han Chang-joon, were arrested in March at the airport in Podgorica, Montenegro’s capital, as they tried to board a private plane bound for Dubai.

After the collapse of his TerraUSD stablecoin in May of last year, better known as UST, Kwon went into hiding for several months. After the Terra fiasco caused the crypto market to lose nearly $45 billion and set off a chain reaction that led to the closure or bankruptcy of some businesses, a criminal investigation was launched.

Prosecutor Strongly Objects Bail

Their defense attorney, Branko Andjelic, asked that they be released on bond in the amount of 400,000 euros ($437,240), but the prosecutor, Haris Sabotic, strongly objected, saying that the two have plenty of money but no intention of staying in Montenegro.

In addition to at least one passport issued by their native nation of South Korea, the two persons were captured with travel papers from Belgium and Costa Rica, according to the authorities there.

Apparently, Interpol and Montenegro came to the same conclusion that the passports from Belgium and Costa Rica were falsified, as reported by Bloomberg. In court, however, the accused tried to convince the judge that the Costa Rican passports they’d been using were genuine. Do Kwon is facing charges from authorities not only in Montenegro and South Korea, but also in the United States.