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Terraform Labs Founder Kwon Denies Forgery and Financial Links in Montenegro Court Battle

Terra Do Kwon
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Terraform Labs Founder Do Kwon Denies Forgery and Financial Links in Montenegro Court

Breakdown is as under:

Claim 1: Do Kwon denies forging travel documentation and financial ties to Milojko Spajić.

  • Kwon asserts that he did not forge any travel documentation or have any financial connections with Milojko Spajić.
  • He claims that the passports he received, which are alleged to be forged, were obtained through third-party agencies, specifically mentioning a Chinese-named agency.
  • Kwon explains that he had been using a Costa Rican passport for an extended period and trusted its authenticity.

Claim 2: Kwon denies making any financial donations to Milojko Spajić.

  • Kwon refutes the accusation that he made any financial contributions to Milojko Spajić, who is the leader of the Europe Now party.



During his testimony at the Montenegrin Basic Court, Terraform Labs Founder Do Kwon clarified that he acquired his passports, including a Costa Rican passport, through third-party agencies. He explained that a Singaporean agency, recommended by a friend, assisted him in obtaining the Costa Rican passport, while another agency facilitated his acquisition of the Belgian passport. Kwon emphasized that he had been using his Costa Rican passport for a considerable period and had no suspicions regarding its authenticity. This information was reported by South Korean news outlet Segye Ilbo on June 17.

Also Read: U.S. Court to Decide Terraform Labs’ Motion to Dismiss SEC Lawsuit in One Month

During the court hearing, when asked to provide more information about the agencies he utilized, Do Kwon admitted that he couldn’t remember the precise names, indicating that they were in Chinese. Kwon attended the hearing alongside Han Chong-joon, Terraform Labs’ former chief financial officer and his former colleague. The details regarding their court appearance were reported in a concise manner.

Kwon Denies Financial Links: Disputes Alleged Donations to Milojko Spajić

In addition to refuting the forgery allegations, Kwon, the founder of Terraform Labs, has also firmly denied the claims of making financial donations to Milojko Spajić, the former finance minister of Montenegro and current leader of the Europe Now party. Kwon’s legal representatives have explicitly and emphatically denied these allegations, asserting that they are categorically false and lacking in truth.

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Contradictory to Kwon’s denial, reports from a regional branch of Radio Free Europe on June 17 indicate that Kwon had allegedly contacted Milojko Spajić through a letter addressed to several Montenegrin officials prior to the recent elections held in the country.

While Spajić denied any connections with Kwon, rumors concerning their potential financial links have been extensively covered by various news outlets within Montenegro. This development highlights the contrasting accounts and ongoing speculations surrounding the alleged association between Kwon and Spajić.

Subsequent to the court hearing, Judge Ivana Becić declared her intention to deliver a verdict concerning the forgery charges on June 19, according to local time. Meanwhile, Do Kwon will continue to be held in extradition custody for a period of up to six months while the local court examines the extradition request put forth by South Korea.

This development signifies that a resolution to the case will be determined in the near future, pending the judge’s ruling on the forgery allegations and the subsequent proceedings regarding the extradition request.

Timeline of Events Related to Kwon and Chong-joon

On March 23, Kwon and Chong-joon were apprehended by local authorities on charges of allegedly fabricating passports with the intent of leaving Montenegro on a private flight to Dubai. Initially, their legal representatives successfully obtained approval for a proposed bail amount of $436,000 (400,000 euros). However, this decision was overturned on May 24 after an appeal. Subsequently, on June 5, the appeal was dismissed, and both Kwon and Chong-joon were granted bail. However, they are under close supervision by local police, and any violation of the prescribed conditions or departure from their designated residence will result in the forfeiture of their bail.



It is important to highlight that Terraform Labs’ Terra ecosystem faced a significant collapse in May 2022, resulting in substantial estimated losses of up to $40 billion. This incident dealt a severe blow to the reputation of the cryptocurrency industry, attracting increased scrutiny from regulators.

The aftermath of these events has created an atmosphere of uncertainty and speculation within the industry. It remains to be seen how the situation will unfold and how regulators will address the challenges posed by these developments. The future trajectory of the crypto landscape awaits resolution, with stakeholders closely monitoring the outcomes and awaiting a more settled state of affairs.

Also Read: Montenegro Prime Minister Claims Terra Founder Do Kwon has Political Ties

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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