Terraform Labs Founder Charged with Indictment in Montenegro Arrest

• Do Kwon, founder of Terraform Labs, has been charged with the indictment.
• Kwon and CFO Han Chang-Joon were arrested on forgery charges in Montenegro.
• Kwon faces criminal charges in both South Korea and the US.

The Montenegro authorities have charged Do Kwon, the founder of Terraform Labs, with indictment after his recent arrest in Montenegro.

Last month, authorities in Montenegro arrested Do Kwon and Han Chang-Joon, the Chief Financial Officer (CFO) of collapsed Terraform Labs, on charges of forgery. Following their arrest, a request for extradition was made by the U.S. and South Korea. Although it still remains unclear which country Kwon will be extradited to.

Notably, Kwon faces criminal charges in his native South Korea and the United States. The situation remains ongoing, and further updates may be forthcoming as developments arise.

Consequently, Kwon and Han Chang-Joon were arrested after discovering that they were carrying forged documents intended for travel to Dubai. Additionally, reports indicate that the two individuals had been in Montenegro illegally prior to their arrest.

The authorities in Kwon’s home country have charged him with paying a law firm 9 billion won ($7 million) before the collapse of TerraLuna last year. According to prosecutors, Kwon’s decision to pay such a large amount to the law firm is being cited as evidence that he knew the business was about to fail and was preparing for potential legal issues.

Kwon is facing serious charges both in the United States and South Korea. In the US, prosecutors have accused him of orchestrating a cryptocurrency fraud that lasted for years. Besides, it led to the loss of at least $40 billion in market value. Similarly, he faces similar charges in his native South Korea.