Do Kwon denies passport forgery, blames ‘Chinese’ agency: Report

Terraform Labs founder Do Kwon told a Montenegrin court that he was unaware that the passport he was traveling with was allegedly forged and instead blamed the Chinese agency.

On June 17 message of South Korean news site Segye Ilbo, Kwon told a basic court in Montenegro that he received his allegedly forged passports and travel documents, including a Costa Rican passport, through “third-party agencies.”

“I received my Costa Rican passport after completing the documents required by a Singaporean agency recommended by a friend. I received my Belgian passport through another agency.

According to Kwon, because he had been traveling with his Costa Rican passport for “years,” he had no reason to doubt its authenticity.

The prosecution pressed Kwon to ask for more details about the agency he used for his passports, but Kwon said he “didn’t remember exactly,” adding that he knew the name of the agency was “in Chinese.”

Kwon was questioned along with his colleague and former Terraform Labs CFO Han Chong-joon.

In addition to denying falsifying travel documents, Kwon denied allegations that he made any financial donations to former Montenegrin finance minister Milojko Spajić, now leader of the Europe Now party.

According to June 17 message of Radio Free Europe’s regional affiliate, Kwon reportedly made contact with Spajić in a letter he sent to several Montenegrin officials in the days before the country’s last round of elections.

“This is categorically denied and is not true,” Kwon’s lawyers said.

Spajić denied having ties to Kwon, but their financial connections were covered heavily through various news channels in Montenegro.

After the hearing, Judge Ivana Becić announced that she would deliver a verdict on the forgery charges on June 19 local time. Kwon will be held in extradition custody for up to six months while a local court considers South Korea’s extradition request.

Related: SEC Argues Dentons’ Motion to Dismiss Terraform and Do Kwon’s Lawsuit

They were Kwon and Chong-Joon arrested by local authorities on March 23 after being accused of forging passports that were used in an attempt to leave Montenegro on a private flight to Dubai.

Lawyers for the couple originally received consent for a proposed bail of $436,000 (€400,000), but this decision was overturned on appeal on May 24. June 5. this the appeal was dismissed and bail was granted for Kwon and Chong-joon. The pair will be closely monitored by local police and their bail will be forfeited if they either leave their residence or breach the agreed conditions.

Terra by Terraform Labs The ecosystem collapsed in May 2022 leading to losses estimated at up to $40 billion.

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