Do Kwon Claims he Knew Nothing About Forged Passport

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According to the recent publications from South Korean media outlet Segye Ilbo on June 17, Do Kwon informed the Montenegrin Basic Court that he was unaware that the passport he was traveling with was reportedly fake and instead blamed a Chinese agency. 

Do Kwon and Colleague Under Investigation

Do Kwon underwent questioning with colleague and former Terraform Labs Chief Financial Officer Han Chong-joon. He said that because he had been using his Costa Rican passport to travel “for years,” he had no reason to question its legitimacy.

He claimed: 

“I received my Costa Rica passport after filling in the documents required by a Singaporean agency that was recommended to me by a friend. I received my Belgian passport through another agency.” 

Do Kwon Denies Transferring Funds to Politician

Do Kwon dismissed charges that he had delivered funds to Milojko Spaji, the current head of the Europe Now party and the former finance minister of Montenegro. Kwon reportedly established a relationship with Spaji in a letter he addressed to many Montenegrin authorities following the recent elections in the nation, according to a report from a regional branch of Radio Free Europe on June 17. 

Although Spaji denied having any contacts with Kwon, several Montenegrin news organizations extensively reported their alleged financial relationships.

Detention in Montenegro

On March 23, Kwon and Chong-Joon were detained by local law enforcement while they were departing Montenegro for Dubai on a private plane. The crypto entrepreneur was charged with fraud by US authorities in New York following his detention in Montenegro. 

He was accused of eight felonies, including conspiracy to conduct fraud and manipulating markets, as well as wire fraud, securities fraud, and goods fraud, according to court records submitted by U.S. Attorney Damien Williams. 

Collapse of the Terra ecosystem

In May 2022, Terraform Labs collapsed, resulting in losses that eventually valued as high as $40 billion. Celsius made an announcement in the same month for bankruptcy after customers’ withdrawals were suspended. Similarly, Voyager Digital filed for bankruptcy protection months after the demise of LUNA and TerraUSD.

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