Terra co-founder Do Kwon reportedly indicted for document forgery

While Terraforms’ Do Kwon and Han Chang-jun are facing charges in Montenegro, the other co-founder, Shin Hyun-seung, still walks free in South Korea.

Prosecutors in Montenegro have reportedly issued the indictments to Terra co-founder Do Kwon after arresting the executive in late March.

The Prosecutor’s Office of the State of Podgorica has indicted former Terraform Labs co-founder and former CEO Kwon for allegedly forging legal documents, the Korean industry-focused news agency Block Media reported on April 20.

The charges came a few weeks after Kwon was arrested on March 23 while trying to board a private plane at an airport in Podgorica, the capital of Montenegro. He allegedly was using fake documents while attempting to board the flight to Dubai.

*Terraform Labs co-founder and former CEO Do Kwon. Source: Block Media*

Han Chang-jun, Terraform’s former chief financial officer, is facing similar charges, the report says. Han was arrested with Kwon in Podgorica in March.

Following the issuance of the indictments, Montenegro prosecutors have reportedly requested an extension of the detention period for the two former Terraform executives.

While Han and Kwon are facing charges in Montenegro, one other Terraform co-founder — Shin Hyun-seung, also known as Daniel Shin — is still walking free in South Korea. Local authorities have attempted to arrest the exec, but the Seoul Southern District Court denied the request. After questioning Shin, the court said that there was little likelihood that Shin would flee or destroy any evidence related to the fall of Terra.

The news comes amid more global prosecutors reaching major milestones in procedures involving some crypto execs. On April 20, the Turkish police finally detained Faruk Fatih Ozer, founder and former CEO of Thodex, who allegedly fled Turkey with $2 billion stolen from the exchange in 2021.

Also on April 20, Cointelegraph confirmed that Tornado Cash developer Alexey Pertsev was set to be released from jail after Dutch authorities arrested him in August. The developer is expected to be back home by April 26, which happens to be his birthday.

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