Do Kwon, the founder of Terraform, who was charged with eight counts relating to the collapse of the ecosystem in the United States, has recently denied two accusations made against him.
Do Kwon was accused of traveling with fake documents and sending money donations to a former Montenegrin minister. However, according to South Korean media outlet Segye’s report, Do Kwon informed the Montenegrin court that he obtained his travel documents from a Chinese agency and was unaware that they were forged.
Additionally, Kwon denied sending money donations to Milojko Spajic, the current chairman of the Europe Now party, during his time as Montenegrin finance minister.
Denial of Document Forgery by Do Kwon
During his arrest in March 2023, Montenegrin authorities announced that Do Kwon had traveled with fake documents. A tweet from the European country’s Minister of Interior, Filip Adzic, said, “The person in question is likely to be one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder and CEO of Singapore-based company Terraform Labs.”
Furthermore, Adzic added, “The former cryptocurrency king responsible for losses of over $40 billion was arrested at Podgorica airport with forged documents.”
However, Do Kwon has denied forging his travel documents and passports, including his Costa Rican passport. Instead, he blamed a Singaporean agency, stating, “I obtained my Costa Rican passport after completing the necessary documents through a Singaporean agency recommended by a friend. I obtained my Belgian passport through a different agency.”
Do Kwon also explained that he had never doubted the authenticity of his travel documents as they had been with him for many years. As for the alleged Singaporean agency that issued the document, the Terraform founder stated that he could not remember the exact name but only knew that it was “written in Chinese.”
Founder of Terraform Denies Money Transfers to Former Montenegrin Finance Minister
The second accusation that Do Kwon denied was regarding payments made to former Montenegrin Finance Minister Milojko Spajic, the current chairman of Europe Now party.
On June 17, Radio Free Europe’s regional branch reported that Do Kwon had contacted Spajic through a letter he had sent to many officials in Montenegro before the country’s recent elections. However, during the court hearing, Do Kwon’s lawyers asserted that this claim was categorically denied and untrue.
Apart from Do Kwon’s lawyers, the former finance minister also denied any involvement with the Terraform founder. Nevertheless, on June 6, a Montenegrin news channel, Balkansight, reported that the country’s outgoing prime minister had called on prosecutors to investigate the relationship between Kwon and Spajic.
Furthermore, on June 9, a Twitter account named FatMan was created, which is dedicated to providing updates to the crypto community regarding Terra-related issues. It shared an update about Do Kwon’s financial donations to Spajic. However, the Terraform founder denied any connections during the recent hearing.
Following the court hearing, presiding judge Ivana Becic announced that June 19 would be the date for the verdict on the forgery allegations.
Meanwhile, Do Kwon will remain in extradition custody for six months, waiting for the court to either grant or reject South Korea’s extradition request.
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