- By Peter Hoskins
- business reporter
1 hour ago
Image source: Getty Images
picture description,
Do Kwon arrives in court in Montenegro
Do Kwon, the cryptocurrency boss behind the collapse of the $40 billion (£31.3 billion) terraUSD and Luna tokens, has been sentenced to four months in prison in Montenegro.
Mr. Kwon was found guilty of forging official documents.
He was arrested in March as he was about to board a flight to Dubai at Podgorica Airport in the country’s capital.
Mr. Kwon is also facing charges in the US and South Korea over the collapse of the two digital tokens over the past year.
Former financial officer at Mr. Kwon’s company Terraform Labs, Han Chang-joon, was also sentenced to four months in prison after being found guilty of the same charge.
Mr. Kwon and Mr. Han pleaded not guilty at their first court hearing in May.
The sentences include the time Mr. Kwon and Mr. Han have already spent in detention since their arrest in March, the court said in a statement.
You can also appeal the judgment within eight days of receiving the written notice from the court.
Last year, a South Korean court issued arrest warrants for Mr. Kwon and five other people linked to the case.
Prosecutors said they were convinced Singapore-registered company Terraform Labs had violated capital markets rules.
Montenegro has no extradition treaties with the US or South Korea.
The collapse of the terraUSD stablecoin and its associated Luna token shook the cryptocurrency markets in May 2022.