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Do Kwon, the founder of Terraform Labs, has cast doubt on allegations of using a counterfeit passport, suggesting that a third-party Chinese agency might be behind the alleged forgery. Emerging from a Montenegrin court, Kwon maintains his innocence, stating that he was unaware of the document's falsification and had no reason to question its legitimacy, given his history of travel with his Costa Rican passport. However, details about the alleged agency remain hazy in Kwon's memory.
The legal representative of Kwon and his compatriot Han Chong-joon, Terraform Labs' former Chief Financial Officer, vehemently denies the allegations, stating that none of it is true.
In addition to the counterfeit passport claims, Kwon also faces accusations of secret financial dealings with Montenegro's former finance minister, Milojko Spajic, who now leads the Europe Now party. Allegations emerged through rumors of a covert letter purportedly sent by Kwon to various Montenegrin officials before the country's recent election. Both Kwon and Spajic deny these allegations, which have garnered significant attention in the Montenegrin media.
Kwon and Chong-Joon were detained by Montenegrin authorities on March 23, accused of using the alleged fake passports to leave the country on a private flight to Dubai. Initially granted bail in the amount of $436,000, the decision was later overturned on appeal. On June 5, their appeal was dismissed, and they were granted bail under strict conditions, risking forfeiture if any violations occur.
This scandal unfolds amidst the backdrop of the collapse of Terraform Labs' Terra ecosystem in May 2022, which resulted in potential losses of nearly $40 billion.
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