Du Kwon denies fake passport, blames ‘Chinese’ agency: report

Terraform Labs founder Do Kwon told a Montenegro court that he had no idea the passport he was traveling with was allegedly forged and instead pinned the blame on a Chinese-designated agency.

in june 17 reports From South Korean news outlet Sega Ilbo, Kwon told the Montenegrin Basic Court that he obtained his travel documents, including his allegedly forged passport and Costa Rican passport, through third-party “agencies”.

“I got my Costa Rica passport after filling out the required documents through an agency in Singapore recommended by a friend. I got my Belgian passport through another agency.”

According to Kwon, because he had been traveling with his Costa Rican passport “for years”, he had no reason to doubt its authenticity.

The prosecution pressed Kwon for more details about the agency used for his passport, but Kwon said he “couldn’t remember at all”, adding that he only knew that the agency was used. The name was “in Chinese”.

Kwon was questioned along with his colleague and former chief financial officer of TerraForm Labs, Han Chong-joon.

In addition to denying forgery of travel documents, Quan denied allegations that he made any financial donations to Montenegro’s former finance minister, Miloško Spajić, now leader of the Europe Now party.

as of June 17 reports From a regional branch of Radio Free Europe, Kwon allegedly communicated with Spajić in a letter sent to several Montenegrin officials in the days before the latest round of elections in the country.

Kwon’s lawyers said, “This is categorically denied and it is not true.”

Spajić denied having an affair with Kwon but they had rumored financial ties. Covered Heavily covered by various news outlets in Montenegro.

Korean media report that for years, Do Kwon had been secretly sponsoring a prominent Montenegrin politician using illegal funds. Two days earlier, a Montenegro High Court re-approved Do Kwon’s bail request, allowing him to be released from prison. https://t.co/aNqYkKG70H

— FatMan (@FatManTerra) June 9, 2023

After the hearing, Judge Ivana Besic announced that she would issue a ruling on the forgery charges on June 19 local time. Kwan will be held in extradition custody for six months while a local court considers South Korea’s extradition request.

Connected: SEC Argues Against Denton’s Motion to Dismiss Terraform and Do Kwon’s Lawsuit

Kwan and Chong-jun were arrested by local authorities on 23 March on charges of forging passports, which were used in an attempt to leave Montenegro on a private flight to Dubai.

The pair’s lawyers had initially approved a proposed bail of $436,000 (400,000 euros), but that decision was overturned on appeal on 24 May. On June 5, this appeal was rejected and bail was granted for Kwon and Chong-joon. The pair will be closely monitored by the local police and their bail will be forfeited if they either leave their residence or violate the agreed conditions.

Terraform Labs’ Terra ecosystem collapsed in May 2022, causing damage estimated at up to $40 billion.

magazine: The unique and wonderful crypto universe of South Korea