Do Kwon: Crypto King Facing Extradition, Forgery Charges

• Montenegrin authorities have charged Do Kwon with multiple document forgeries.
• Do Kwon is expected to spend more time in a Montenegro prison due to the charges.
• It was revealed that Do Kwon wired $7 million to a law firm shortly before the crash of his algorithmic stablecoin “Terra” (USTC).

Do Kwon Facing Extradition, Forgery Charges

Montenegrin authorities have charged Do Kwon with several document forgeries, which could lead him to spend an extended period of time in a Montenegro prison. This comes after he and partner Hong Chang-jun were detained at Podgorica Airport while attempting to board a private jet to Dubai. A court representative stated that this extension would likely add at least a month of detention in the cramped chamber housing ten other prisoners.

TerraForm Labs Failure

The failure of TerraForm Labs has been seen through its coins crashing by 10% in the last seven days. The stablecoin UST has plummeted down to only 2 cents on the dollar, showing just how badly it malfunctioned during its launch.

$7 Million Funding Before Collapse

Korean prosecutors discovered that right before Terra collapsed, Do Kwon wired $7 million to Kim & Chang, a large Korean law firm known for successfully representing high-profile criminals as well as corporations involved in fraud cases. This raises suspicions about whether or not Do Kwon had prior knowledge about Terra’s downfall before it happened.

Extended Detention

Do Kwon will face more time spent in detainment due to these newest charges from Montenegrin law enforcement. His lawyer team received $7 million just prior to the crash of Terra, adding fuel to the fire that he may have known about Terra’s failure beforehand and was preparing for legal protection ahead of time.

US and South Korea Requests Extradition

The United States and South Korea both requested extradition for Do Kwan following his detainment at Podgorica Airport, though those proceedings will be complicated by the latest document forgery charges against him. As it stands now, he will remain detained in one of Montenegro’s worst prisons until further notice.