Do Kwon’s Appeal rejected, Faces Jail Time in Montenegro
Do Kwon, the mind behind the failed cryptocurrency project Terraform Labs, has lost his appeal against a 4- 30 days prison sentence in Montenegro for passport fraud. Kwon, along with Han Chang-Joon, was convicted in June 2022 for falsifying passport documents.
The Montenegro Sentencing and its Relation to Terra’s Collapse
It’s critical to note that Kwon’s prison sentence is directly related to passport fraud and not linked to the collapse of TerraUSD and the Terra (LUNA) blockchain in May 2022. Nonetheless, Kwon is facing separate charges and lawsuits in South Korea and the United States in connection to Terra’s collapse.
The Future for Kwon and Terraform Labs
After the rejection of his appeal, Kwon faces extradition to South Korea or the United States to face charges there once he completes his sentence in Montenegro. Regardless of the legal battles, the Terra (LUNA) ecological system continues under new leadership, but the future remains uncertain for Terraform Labs amid multiple lawsuits and the criminal prosecution of its founder.
Hot Take
Although while the Terra (LUNA) ecological system soldiers on, Kwon’s failed appeal in Montenegro paves the way for him to stand trial elsewhere soon, with authorities in South Korea and the United States awaiting his extradition after his sentence is completed.
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