Terraform Labs founder Do Kwon appeared in a Montenegro court and claimed that he was unaware that the passport he was using had allegedly been forged.
He attributed the blame to a Chinese-named agency that he had used to obtain his passports and travel documents. Kwon mentioned receiving a Costa Rican passport through a Singaporean agency recommended by a friend and a Belgian passport through another agency.
He stated that he had been using his Costa Rican passport for years without suspecting any issues with its authenticity.
When asked for details about the agency, Kwon said he couldn’t remember precisely but knew it had a Chinese name.
Kwon also denied allegations of making financial donations to Montenegro’s former finance minister, Milojko Spajić. The verdict on the forgery charges will be announced on June 19. Kwon and his colleague, former Terraform Labs CFO Han Chong-joon, were arrested in March for allegedly falsifying passports while attempting to leave Montenegro.
They were initially granted bail but had it revoked on appeal. However, the appeal was later dismissed, and they were granted bail again. Kwon and Chong-joon will be closely monitored by local police. It is worth noting that Terraform Labs’ Terra ecosystem suffered a collapse in May 2022, resulting in estimated losses of up to $40 billion.