Montenegro Sentences Crypto Fugitive to Four Months in Jail

Police officers escort South Korean crypto mogul Do Kwon (C) in Podgorica, Montenegro. Photo: EPA-EFE/BORIS PEJOVIC

On March 23, Do Kwon and Han Chang-Joon, a senior executive at Chai, a mobile payment provider, were arrested at Podgorica airport trying to board a private flight to Dubai in the United Arab Emirates with falsified travel documents from Costa Rica.

The Montenegrin prosecution the next day charged Do Kwon and Han Chang-joon with falsifying their Costa Rican and Belgian travel IDs.

"Do Kwon and Han Chang-joon have the right to appeal within eight days from the day of receipt of the written copy of the judgment," the Court decision said.

"The time spent in detention from March 23 to June 15 will be counted as [part of the] sentence," the Court added.

At first, Do Kwon claimed he didn't use falsified IDs, but on June 16 he told the court that Belgian and Costa Rican travel documents were provided by a Singapore agency that offers economic citizenships.

Since Do Kwon's arrest, both South Korea and the US have been requesting his extradition to face criminal charges following his trial in Montenegro. According to Montenegrin law, an extradition process can be initiated after Do Kwon serves his sentence in Montenegro.

In September last year, an Interpol red notice was issued for Do Kwon's arrest for his alleged role in the collapse of the $40 billion Terra Luna (LUNC) and Terra USD (USTC) ecosystem in May 2022. He is wanted by regulatory authorities in South Korea, Singapore and the US.

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