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Prosecutors in Montenegro have reportedly filed indictments against Terra co-founder Do Kwon following his arrest in late March.
The Prosecutor’s Office of the State of Podgorica has charged former Terraform Labs co-founder and former CEO Kwon with allegedly falsifying legal documents, as reported by the Korean industry-focused news outlet Block Media on April 20.
The allegations surfaced a few weeks after Kwon was apprehended on March 23 while attempting to board a private aircraft at an airport in Podgorica, the capital of Montenegro. He was reportedly using counterfeit documents in his attempt to board the flight to Dubai.
Terraform Labs co-founder and former CEO Do Kwon. Source: Block Media
Han Chang-jun, the former chief financial officer of Terraform, is facing similar allegations, according to the report. Han was arrested alongside Kwon in Podgorica in March.
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Following the filing of the indictments, prosecutors in Montenegro have reportedly sought an extension of the detention period for the two former Terraform executives.
While Han and Kwon are confronting charges in Montenegro, another Terraform co-founder — Shin Hyun-seung, also known as Daniel Shin — remains at liberty in South Korea. Local authorities have attempted to apprehend the executive, but the Seoul Southern District Court rejected the request. After interrogating Shin, the court concluded that there was minimal risk of him fleeing or destroying any evidence related to the collapse of Terra.
Related: Do Kwon converted illicit funds from LUNA to Bitcoin: S.Korean prosecutors
This news arrives as global prosecutors achieve significant milestones in cases involving various crypto executives. On April 20, Turkish police successfully detained Faruk Fatih Ozer, the founder and former CEO of Thodex, who allegedly fled Turkey with $2 billion stolen from the exchange in 2021.
Additionally, on April 20, Cointelegraph confirmed that Tornado Cash developer Alexey Pertsev was set to be released from custody after being arrested by Dutch authorities in August. The developer is anticipated to return home by April 26, coinciding with his birthday.
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