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Detained Crypto CEO Kwon Rejects False Passport Claim

  • Do Kwon held in Montenegro accused of fake Costa Rica passport
  • US charged Terraform Labs co-founder with crypto fraud
Do Kwon

Do Kwon

Photographer: Woohae Cho/Bloomberg

Terraform Labs co-founder Do Kwon, who’s wanted by the US over an alleged crypto fraud that erased at least $40 billion in market value, denies allegations he tried to leave Montenegro using a fake passport, his lawyer said Saturday.

Kwon and the company’s chief financial officer, Han Chang-joon, were arrested Thursday in the capital Podgorica as they tried to fly to Dubai using falsified travel documents, according to Montenegro’s Interior Ministry. Kwon, who’s also wanted in his native South Korea, was charged hours later by US prosecutors with orchestrating a yearslong cryptocurrency fraud.