Cryptocurrency $40bn collapse boss Do Kwon jailed for forging documents
The cryptocurrency boss Do Kwon, responsible for the $40 billion (£31.3 billion) downfall of terraUSD and Luna tokens, has been sentenced to four months behind bars in Montenegro after being found guilty of forging official documents.
Kwon was arrested in March at Podgorica Airport in Montenegro’s capital, where he was apprehended while attempting to board a flight to Dubai.
In addition to his four months in jail in Montenegro, Kwon is facing further charges in the US and South Korea in connection with the collapse of the two digital tokens last year.
Han Chang-joon, the former finance officer of Terraform Labs, Kwon’s company, has also been sentenced to four months in jail after being found guilty of the same charges.
During their initial court hearing in May, both Kwon and Han pleaded not guilty.
The court confirmed the sentences include the period of detention that both men have already severed since their arrest in March.
They also have the option to appeal the verdict within eight days after receiving written notification from the court.