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- Do Kwon refutes allegations of passport forgery and attributes blame to a Chinese agency in a legal dispute.
- Claims of financial connections between Do Kwon and Montenegrin politician are contested.
Do Kwon, the founder of Terraform Labs, categorically rejected accusations of falsifying travel documents and distanced himself from any financial links with Milojko Spajić, the leader of the Europe Now party, during a court session in Montenegro. Kwon pointed to a Chinese-named agency as the source of the alleged passport forgery.
As reported by South Korean news source Segye Ilbo on June 17, Kwon disclosed in court that he had acquired his passports, including a Costa Rican passport, through third-party “agencies” suggested by acquaintances. He maintained that he had utilized his Costa Rican passport without any concerns regarding its legitimacy over the years.
When asked for specifics about the agency that facilitated the acquisition of his passports, Kwon acknowledged his inability to remember the exact name, only stating that it was “in Chinese.”
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Ongoing Court Challenges
Throughout the hearing, Kwon strongly denied claims of making financial contributions to Milojko Spajić, the current head of the Europe Now party. Despite Kwon’s assertions of innocence, Korean media has reported for years on allegations of his secret support for a notable Montenegrin politician using illicit funds.
Judge Ivana Becić, who is overseeing the case, indicated that a ruling on the forgery allegations would be announced on June 19. In the meantime, Kwon will remain in extradition custody for a maximum of six months while the court evaluates extradition requests from South Korea.
Kwon, along with former Terraform Labs Chief Financial Officer Han Chong-joon, was initially apprehended in Montenegro on March 23. He was reportedly found with forged documents while attempting to board a private flight to Dubai. The court had initially granted their bail of 400,000 euros, but this decision was later reversed on appeal. However, their appeal was dismissed on June 5.
The downfall of Terraform Labs’ Terra ecosystem in May 2022 led to significant losses estimated at up to $40 billion. Kwon’s continued detention in Montenegro, along with extradition requests from both South Korea and the United States, further complicates his legal situation, potentially resulting in imprisonment for the document forgery allegations.
