Cryptocurrency Executive Do Kwon Sentenced to Four Months in Montenegro for terraUSD Collapse
Do Kwon, the cryptocurrency CEO responsible for the $40 billion collapse of terraUSD and Luna tokens, has been sentenced to four months in jail in Montenegro.
Mr. Kwon was convicted of forging official documents and was apprehended in March while attempting to board a flight to Dubai at Podgorica Airport.
He is also facing charges in the United States and South Korea related to the downfall of the two digital tokens last year.
Han Chang-joon, the former finance officer of Mr. Kwon’s company, Terraform Labs, received the same four-month prison sentence for the same charges.
Mr. Kwon and Mr. Han pleaded not guilty during their initial court hearing in May. The sentences will include the time already spent in detention since their March arrest, as stated by the court.
Both individuals have the right to appeal the verdict within eight days of receiving written notification from the court.
In February, US regulators charged Mr. Kwon and Terraform Labs with orchestrating a multi-billion dollar crypto asset securities fraud.
The collapse of terraUSD and Luna had a significant impact on cryptocurrency markets in May 2022.
