Kwon Do-hyeong (32 years old), commonly known as Do Kwon – former CEO of Terraform Labs, a key figure in the collapse of the Terra and Luna ecosystems, has denied allegations of using a fake passport.
At the trial held at the Podgorica District Court in Podgorica, the capital of Montenegro, on June 16. Do Kwon said he filled out the paperwork to obtain a Costa Rican passport through a third party in Singapore, introduced by a friend. Kwon also received a Belgian passport through another company.
Kwon said that when he applied for the Granada passport, it was rejected, but when he applied for the Costa Rica passport, it was accepted by the agency and he used it to travel to many countries, so he had no reason to doubt its authenticity.
When asked by the prosecutor about the name of the company that made his passport, Kwon could not remember exactly and said that the name of the company was in Chinese. He also asserted the innocence of Mr. Han, an assistant who was arrested with him, and requested that if he was punished for using a fake passport, he alone should be held responsible.
In addition to denying using a fake passport, Kwon also denied allegations that he made financial contributions to Montenegro's former finance minister, Milojko Spajić, now leader of the Europe Now party.
Do Kwon arrives at the Podgorica District Court in Podgorica, the capital of Montenegro, on June 16 for a trial in a fake passport case. Photo: Yonhap News
After the hearing, Judge Ivana Becić announced that she would issue a verdict on June 19 local time. Kwon will be held in custody for up to six months while the local court considers the South Korean extradition request.
Kwon and Chong-Joon were previously arrested by local authorities on March 23 after being accused of using fake passports to leave Montenegro on a private flight to Dubai.
Kwon and Chong-Joon's lawyers initially received court approval for a bail proposal of 400,000 euros ($436,000), but that decision was rejected on appeal on May 24. On June 5, the court approved Kwon and Chong-Joon's bail. Both will be closely monitored by local police, and if either leaves their residence or violates bail rules, their bail money will be confiscated.
Under Do Kwon's leadership, Terraform Labs' Terra ecosystem collapsed in May 2022, resulting in an estimated loss of up to $40 billion.
PCB Assembly