the south korean Do Kwonconsidered the “king of crypto”, arrested in March in Montenegro and wanted by South Korea and the United States for having allegedly defrauded some US$ 40,000 million, was sentenced this Monday in Podgorica to four months in prison for falsifying identity documents.
As reported by the Montenegrin daily vijesti in its electronic version, a partner of Do Kwon, founder of the platform Terraforma LabsHe was also convicted in the same case.
The two South Koreans were detained on March 23 at the Podgorica airport when they were preparing to travel to Dubai in a private plane, with false documents from Costa Rica and Belgium.
In the case of the false documents, a court found that Do Kwon and his CFO, arrested at the same time, were “guilty of using false passports” of Costa Rica, according to a statement from the court.
The defendant’s lawyer Goran Rodicconfirmed this Monday that the two will remain in jail although he considered that “It is still early to say if the two will be extradited and where”, as the procedure is still ongoing.
South Korea and the United States are also calling for the extradition of the businessman, whose full name is Kwon Do-hyung, for his role in the fraud linked to the collapse of his company in 2022, which caused investors to lose some US$40 billion (37 billion). million euros) and rocked the cryptocurrency markets.
The South Korean Prosecutor’s Office seeks the extradition of Do Kwon, 31, who also faces charges in the United States and Singapore. Do Kwon had fled South Korea for Singapore after the collapse of Terraform Labs in May 2022. In September, South Korean prosecutors asked Interpol to redlist him and revoked his passport.
The South Korean prosecutor’s office accuses him of implementing a pyramid scheme whereby alleged profits are paid to investors that are actually funds from subsequent investors.
The United States Securities and Exchange Commission (SEC) accuses Terraform Labs and its CEO Do Kwon from the withering crash of its Terra and Luna cryptocurrencies in May 2022.
Cryptocurrencies have been in the crosshairs of the authorities since episodes such as the bankruptcy of FTX, one of its most important exchange platforms, and of the American companies Silvergate and Signature.
Source: EFE
Source: Gestion
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