Do Kwon has been sentenced to prison in Montenegro as his extradition date approaches

Terraform Labs founder Kwon Do-Hyeong, also known as Do Kwon, will spend four months behind bars in the Balkans prison, for forgery travel documents.

It was the crypto fugitive He was arrested in March In Montenegro’s capital Podgorica, together with Han Changjun, former financial officer of Terraform Labs, after spending months Hiding in Serbia. The arrest ended a cat-and-mouse chase from the South Korean authorities, who sought the help of Interpol to issue a red notice to arrest the duo. across 195 countries.

Fake travel documents, including two Costa Rican and Belgian passports and two identification cards from former crypto executives, as well as laptops and other paraphernalia were found with the fugitives.

Montenegro must decide to extradite Do Kwon

Both the United States and South Korea were competing To extradite an alleged cryptocurrency scammer from Montenegro for orchestrating a $40 billion downturn in TerraUSD and Luna currencies. South Korean Attorney General Dan Songan, who is leading the investigation into the crypto entrepreneur, Tell Bloomberg Earlier this month, Kwon could have been tried in both countries, and he will likely serve his sentence first in one, then the other. Kwon’s charges in South Korea include breaching a capital markets law, and he faces up to 40 years in prison.

Kwon confronts fraud charges In the United States, the Securities and Exchange Commission (SEC) sued him for Financial crimes and attempts to manipulate the capital markets. Regulators said Kwon caused “devastating losses” to US retail and institutional investors. SEC chair Gary Gensler he said in February: “Terraform and Do Kwon have failed to provide the public with the full, fair and truthful disclosure as required for a range of crypto-asset securities.”

the black Mountain Lacks extradition treaties with both the United States and South Korea, complicating the duo’s deportation to either country. However, Washington is banking on the old extradition agreement with Montenegro which it was previously used For extradition of American citizens. In this case, Kwon and Chang Jun South Korean nationalsWhich gives Seoul more hope of convincing Montenegro to hand over the fugitives.