Terraform Labs founder Do Kwon told the Montenegrin Basic Court that he did not know he was traveling with forged documents.

Do Kwon Blames ‘Chinese Agency’ for Forged Passports

  • Do Kwon told the Montenegrin Basic Court that he did not know he was traveling with forged documents.
  • He claims that he received his passport and documents from third-party “agencies.”
  • The crypto entrepreneur claims that he had no reason to doubt the authenticity of the passport. 
  • The lawyers rejected allegations that he donated money to former finance minister Milojko Spajić.

Do Kwon, the founder of Terraform Labs, the firm behind the Terra ecosystem, has recently told a court in Montenegro that he was not aware of the fact that he was traveling with a fake passport and blamed a “Chinese” agency for the same. The crypto entrepreneur was arrested a few months ago while trying to enter Montenegro using forged documents. 

According to a report from South Korean media outlet Segye Ilbo, Do Kwon told the Montenegrin Basic Court that he received his passport and other travel documents from third-party “agencies,” while adding that he did not know he was carrying a forged Costa Rican passport. 

“I received my Costa Rica passport after filling in the documents required by a Singaporean agency that was recommended to me by a friend. I received my Belgian passport through another agency,” said the founder of Terraform Labs.

Do Kwon said that due to the fact that he had been traveling for a long time using his Costa Rican passport “for years,” he had no reason to doubt its authenticity. When the prosecution pressed the Terraform Labs founder for the details of the third party firm, he said he couldn’t “remember exactly,” adding that he only knew the third party agency’s name “in Chinese.”

The prosecutor questioned Do Kwon along with his colleague and former Terraform Labs chief financial officer Han Chong-joon, who was also detained by officials in Montenegro for having forged documents. The crypto entrepreneur also denied the allegations of having donated money to Montenegro’s former finance minister, Milojko Spajić, who is now the leader of the Europe Now party.

As per a report from the regional outlet of Radio Free Europe, Do Kwon allegedly made contact with Spajić in the days prior to the election rounds in the country. The relationship between the two was heavily described in local newspapers. The lawyers representing the crypto personality said that “this is categorically denied and it is not true.”

In an earlier report, BitcoinWisdom confirmed that Do Kwon and his colleague are facing close to six months in jail despite paying around $437K for their own bail, while Chong-joon also paid an identical amount. While the two are in detention, a higher court will process the extradition requests from the US and South Korea.

Parth Dubey
Parth Dubey Verified Author

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

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