- Montenegrin authorities charge Do Kwon with multiple document forgeries.
- Earlier, the United States and South Korea both requested extradition.
- Montenegrin police found a Trezor hardware wallet inside Do Kwon.
TerraForm Labs boss Do Kwon will spend more time in the notorious Montenegro prison system, thanks to the latest document forgery charges pressed by Montenegrin law enforcement. This comes just a month after Do Kwon and Hong Chang-jun, two business partners that co-founded TerraForm Labs, were detained in Podgorica Airport.
The pair tried to board a private jet to Dubai before local police captured the most notorious crypto fugitives. Court representative Maja Kosovid told the press that the requested extension would likely add at least a month of detention in a tiny chamber that hosts at least ten prisoners. Montenegro’s prison system has been repeatedly called out by human rights activists.
Do Kwon Knew About Terra Downfall Beforehand
Instead of the expected luxury treatment in the Balkan country, Do Kwon might face a longer-than-estimated stay in one of the worst prisons in Podgorica. This became clear after the State Prosecution Office filed the legal papers to extend the current detention in Podgorica prison.
Once deemed the “Crypto King” for his highly ambitious endeavors, including an attempt to overthrow Ethereum (ETH), Do Kwon’s invented Terra (LUNA) blockchain continues to drown, as both Terra Luna Classic (LUNC) and the relaunched version Terra (LUNA) plunged by 10% in the last seven days. Things aren’t looking better on the malfunctioned stablecoin Terra Classic USD (USTC), as it’s still trading at just 2 cents on the dollar.
On top of that, it has been recently revealed that Do Kwon’s lawyer team received $7 million in funding right before the algorithmic stablecoin UST crashed, dramatically shredding to pieces the original Terra coin.
“Not Your Keys, Not Your Crypto” – No Ifs, Ands, or Butts
During the thorough body inspection before entering prison, the Montenegrin authorities found some surprising items beside the stack of forged documents. Crypto’s Hide and Seek champion Do Kwon kept a Trezor hardware wallet in his backend, which held nearly $10 million worth of crypto assets.
In response to the news, Crypto Twitter reacted with memes and snarky comments, the most notable of which remarked that Terra Luna Classic (LUNC) is “officially a shitcoin from now on,” as the unusual storage solution suggests.
On The Flipside
- Despite the two TerraForm Labs co-founders facing a lot of legal trouble, Daniel Shin, one of the five original co-founders, is still walking free.
- After interrogation, South Korean authorities reported that Daniel Shin hadn’t been detained, as his chances of fleeing were very slim.
Why You Should Care
The Terra (LUNA) and Terra (UST) crash in mid 2022 is regarded as one of the worst financial disasters in the modern era, linked to over $2 trillion sent down the drain.
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