Terraform Labs Founder Do Kwon Wants SEC Lawsuits Dropped

Previously, the co-founder and CEO of Terraform LabsD, also known as Kwon Do-hyung, was arrested on Thursday, March 23, 2023 in Montenegro, a mountainous country located in Southeastern Europe on the Balkan Peninsula.

The news was first broken on March 23 by the Minister of Interior of Montenegro Filip Adzic who explained that Kwon was arrested at the Podgorica airport with fake identity documents.

According to a report published by AFP on Friday, Do Kwon is now being charged with forgery in Montenegro. Kwon was also traveling with an unidentified companion who was also detained.

A criminal complaint was filed against the two men for the crime of falsifying documents. In addition to the forgery charge, prosecutors want to detain Kwon for 30 days because he ostensibly denies his identity documents were forged.

Furthermore, Kim Hee-kyung, spokesperson for the Seoul Southern District Prosecutors’ Office told AFP the government wanted to see Kwon extradited back to South Korea.

“South Korean prosecutors will take steps to repatriate Kwon Do-hyung. We are working on the process,” explained the spokesperson, quoted from Bitcoin.com, Saturday (25/3/2023).

Kwon is also facing a number of lawsuits in the United States including a recent lawsuit initiated by the US Securities and Exchange Commission (SEC).

Montenegrin police noted Kwon and his partner had forged travel documents originating from Costa Rica and both wanted to fly to Dubai. The police also said that after checking the baggage, there were also travel documents from South Korea and Belgium.

Montenegro’s Interior Ministry said Kwon’s Belgian ID was also a forged document. The name of Kwon’s traveling companion has not been disclosed.