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‘Crypto King’ Do Kwon Sentenced To Four Months In Jail

A court in Montenegro has sentenced self-proclaimed “cryptocurrency king” Do Kwon to four months in prison for using forged passports.

Kwon, a South Korean national and former chief executive of crypto firm Terraform Labs, is charged in the U.S. with a multibillion-dollar fraud.

Terraform Labs, the company behind the stablecoin TerraUSD, collapsed in May 2022, rocking global cryptocurrency markets.

Kwon vanished shortly after Terraform Labs went bust, but was detained in late March along with Han Chang-joon, Terraform Labs' former finance officer, as they tried to board a flight to Dubai at an airport in Montenegro.

The two were arrested with forged passports and other travel documents. A court in Montenegro had placed them in 30-day pre-trial detention. Now, Kwon has been sentenced to four additional months in prison.

Police said they found doctored Costa Rican passports, and a separate set of forged Belgian passports, in Kwon’s luggage.

Both South Korean and U.S. authorities are seeking the extradition of Kwon and Han so they can face charges in those countries.

A U.S. District Court in Manhattan has charged Kwon with securities fraud, wire fraud, commodities fraud, and conspiracy.