Passport Forgery Suspect Do Kwon Jailed in South Korea

A disgraced former cryptocurrency boss, Kwon Do-hyeong, who was responsible for the collapse of the TerraUSD and Luna tokens in 2008, which involved a $40 billion (£31.3 billion) collapse in the value of the token, has been sentenced to four months in jail in Montenegro after he was found guilty of forging official documents. In addition, he is facing charges in the United States and South Korea relating to the collapse of the two digital tokens that collapsed last year. 

As a result of the forgery of official documents, including passports and identity cards, Kwon and his business partner Chang-joon Han were found guilty. A month ago, he was arrested at Podgorica Airport in the country’s capital while trying to board a plane to Dubai. According to the court statement, 85 days of detention were included in the sentences. 

TerraUSD stable coin was developed by Terraform Labs, and Moon, its sister coin, was developed by Terraform Labs. The vast majority of the money was wiped out of the crypto market in May 2022. Both coins lost more than $40 billion in a matter of days. 

There are also reports that Mr. Kwon, the “crypto crash king,” is under the control of US and South Korean authorities in the wake of the collapse of two digital tokens last year. A Montenegrin prisoner has been sentenced t

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