U.Today - Chinese crypto journalist and blogger Colin Wu has taken to Twitter to share the news about Terra founder . Terraform Labs and the Terra ecosystem powered by LUNA token and UST stablecoin collapsed about a year ago, causing the crypto market to dive deep in the red.
Kwon and his former CEO Han Chang-Joon have both been "granted" a sentence of four months in prison by Montenegrin court. On Friday last week, both gentlemen pled innocent in court.
Kwon and Han used fake passports of Costa Rican citizens earlier this year as they tried to head from Montenegro to Dubai on a private plane and go into hiding. Besides, authorities of the U.S. and South Korea insist on their extradition as these two are charged with conducting fraud on Terra investors before it collapsed last year. Investors lost approximately $60 billion.
However, Kwon denied the charges, stating in court that he had gotten ahold of the passport through a Singapore travel agency. The former "crypto king" claimed he thought it was a "golden passport," a legitimate passport. This sort of passport is provided to individuals who accelerate acquiring citizenship in certain countries for large investments.
Prior to getting into Montenegro, Kwon and Han had been in hiding from the authorities for about half a year. They were finally taken into custody at Podgorica Airport this spring. A local bodyguard was alerted to their documents and brought security service officers of the airport to deal with Kwon.