Do Kwon May Face 5-Year Prison Sentence in Montenegro

On March 23, Do Kwon, the founder of Terraform Labs, was arrested at Podgorica Airport in Montenegro after being sought by South Korea and international authorities for several months.

Kwon and Terraform’s CFO Han Mo were detained while attempting to board a flight to Dubai with fake Costa Rican passports, and a fake Belgian passport was also found in their luggage. Interpol had conducted an investigation and determined that passport fraud is a serious offense that could carry up to a five-year prison sentence in Montenegro.

Haris Shabotich, the prosecutor in charge of Kwon’s case, has initiated criminal proceedings in Montenegro’s financial district. However, the local government has stated that they cannot confirm Kwon’s immigration records, and he may face additional penalties if it is discovered that he entered the country illegally.

Haris Shabotich

If Kwon is only arrested and not connected to other legal issues, such as the use of a South Korean passport, he will be directly escorted. However, if the situation is more complicated, the Terraform Labs founder may face criminal charges. Shabotich emphasized that the first step is to file charges against Kwon for passport fraud, and then proceed from there.

Two high-ranking officials from the District Prosecutor’s Office in Podgorica were also present during the interview with Shabotich and Yonhap News. On March 24, the local court in Montenegro ordered an extension of Kwon and his assistant’s detention for 30 days, citing concerns that they may flee the country. They are both foreign residents in Singapore, and their identities have yet to be clearly established.

Kwon’s representative lawyer, Branko Angelich, expressed his intention to appeal the decision. However, he was stripped of his right to defend his client during the trial. If Kwon appeals to the extension of his detention, the outcome may need to be further considered.

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