Do Kwon indicted for document forgery: reports

Do Kwon, fugitive former CEO and co-founder of Terraform Labs, has been indicted on charges of document forgery, according to a report today by Korea’s Block Media news agency.

The Prosecutor’s Office of the State of Podgorica in Montenegro are said to have issued the indictments after his arrest in late March.

This comes shortly after Kwon’s arrest at Podgorica Airport on 23 March while trying to board a private plane to Dubai using forged travel documents.

Terraform’s former CFO Han Chang-jun is facing similar charges after he was also arrested in Podgorica in March.

As one of the most prominent figures in the cryptocurrency world, Kwon’s indictment has sent shockwaves throughout the industry.

Meanwhile, third co-founder Shin Hyun-seung is still a free man in South Korea after the Seoul Southern District Court proclaimed that it was unlikely Shin would run or amend criminal evidence in the Terra case.

In May of last year, the collapse of TerraUSD and Luna caused hundreds of billions of dollars to be wiped from the crypto market.

On 16 February of this year, the US Securities and Exchange Commission charged Kwon with fraud. According to SEC chair, Gary Gensler: “We allege that Terraform and Do Kwon failed to provide the public with full, fair, and truthful disclosure as required for a host of crypto asset securities, most notably for LUNA and Terra USD.

“We also allege that they committed fraud by repeating false and misleading statements to build trust before causing devastating losses for investors.”