(The Herald Post) – South Korean prosecutors plan to repatriate Kwon, who faces multiple lawsuits in the United States.
Terraform Labs co-founder and CEO Do Kwon, also known as Kwon Do-hyung, was taken into custody at the Podgorica airport in Montenegro on Thursday. Montenegro’s Interior Minister Filip Adzic announced the arrest, revealing that Kwon was apprehended for carrying fake identification documents.
As per an Agence France-Presse (AFP) report released on Friday, Kwon now faces forgery charges in Montenegro. Additionally, an unidentified individual accompanying Kwon was also arrested. Montenegro police stated that “a criminal complaint was filed against both persons for the criminal offense of document forgery.” Prosecutors in Montenegro have also requested a 30-day detention for Kwon, as he allegedly denied that his identification documents were counterfeit.
Kim Hee-kyung, a spokeswoman for the Seoul Southern District Prosecutors’ Office, informed AFP that the South Korean government is seeking Kwon’s extradition. “South Korean prosecutors will take steps to repatriate Kwon Do-hyung. We are working on the process,” she said. Kwon is also embroiled in numerous legal battles in the United States, including a recent lawsuit filed by the U.S. Securities and Exchange Commission.
Montenegro police disclosed that Kwon and his companion had falsified travel documents originating from Costa Rica, and they intended to fly to Dubai. Upon inspecting their luggage, authorities discovered additional travel documents from South Korea and Belgium. Montenegro’s interior ministry confirmed that Kwon’s Belgian identification was also fraudulent. The identity of Kwon’s traveling companion remains undisclosed.
The arrest of Terraform Labs’ CEO raises questions about the future of the company and the potential impact on its ongoing legal challenges. As South Korean prosecutors work to bring Kwon back to their jurisdiction, it remains to be seen how these developments will affect the company’s operations and its reputation in the blockchain industry.