The appeal made by Do Kwon, the founder of Terraform Labs, and his co-conspirator, Han Chang-Joon, in their document forgery case has been rejected by the High Court in Montenegro, according to a statement released by the court.
Kwon and Chang-Joon were arrested in March of 2023 at Montenegro’s main airport as they tried to board a flight to Dubai using falsified passports.
Kwon had been evading authorities for almost a year following the crash of his tokens, TerraUSD and Luna, which resulted in an estimated $40 billion loss for the market. He had been hiding in various locations across Asia and Europe, including Serbia, Dubai, and Montenegro.
In February 2022, the U.S. Securities and Exchange Commission filed a lawsuit against Kwon for fraud. He was subsequently caught in Montenegro and sentenced to four months for document forgery.
