Fallen Crypto Star Do Kwon Loses Appeal on Fake-Passport Conviction -- WSJ


Dow Jones


By Alexander Osipovich


Fallen cryptocurrency mogul Do Kwon lost an appeal against his conviction for using a fake passport during a failed attempt to leave the tiny Balkan country of Montenegro.

Montenegro's highest court on Thursday said a lower court had ruled correctly in June when it convicted Kwon and his colleague, Chang-joon Han, for falsifying documents. The high court also affirmed its four-month prison sentence, according to a statement on its website.

Kwon and Han's Montenegrin lawyer declined to comment. In separate legal proceedings, judges in Montenegro are considering whether to extradite Kwon to the U.S. or South Korea on charges related to the $40 billion collapse of the TerraUSD and Luna cryptocurrencies last year.

Kwon has expressed regret over the crash but denied committing fraud. A South Korean citizen who was based in Singapore, Kwon vanished in September 2022 , shortly before South Korean prosecutors obtained a warrant for his arrest. Officials say he fled to Serbia.

In March, he and Han were arrested at the airport in the Montenegrin capital of Podgorica after they tried to use false Costa Rican passports to board a private jet to Dubai. Kwon has said that he thought the passports were real and that he was swindled by the agency in Singapore that obtained them for him.

Read more:

   -- The Hunt for Crypto's Most Famous Fugitive. 'Everyone Is Looking for Me.' 

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November 16, 2023 11:00 ET (16:00 GMT)

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