Do Kwon’s Incarceration Appeal Denied
Do Kwon, the former CEO of Terra, has had his final appeal to overturn his imprisonment in a Montenegrin prison rejected by the High Court in Podgorica. This means that Kwon must remain behind bars while awaiting a decision on his extradition.
The decision to uphold Kwon’s four-month jail sentence for forging a Costa Rican passport was made based on the Criminal Code of Montenegro and cannot be appealed. Kwon was arrested at an airport in March 2023 with forged travel documents and has been detained since then.
Kwon, who claims the documents were legitimate and blames his travel agency, is currently held at Spuz Prison while awaiting possible extradition to either South Korea or the U.S., where he faces criminal cases related to Terra’s collapse in May 2022.
Kwon’s Legal Battles and Terra’s Future
The Securities and Exchange Commission (SEC) has filed charges against Kwon, but his lawyers have denied the allegations and are fighting the SEC summons. Meanwhile, Terra has appointed Chris Amani as its new CEO to move past this turbulent period.
Hot Take: The Fall of a Crypto Billionaire
Do Kwon’s legal battles and incarceration mark a significant downfall for the once-prominent figure in the crypto industry. As Terra moves forward with a new CEO, the future remains uncertain for both the company and its founder.
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