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Terraform Labs founder pleads not guilty in Montenegro forged documents case

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Published 6:03 AM

By PREDRAG MILIC
Associated Press

PODGORICA, Montenegro (AP) — Montenegro’s state-owned media says that a trial has opened in the country against Terraform Labs founder Do Kwon and another citizen of South Korea. RTCG television reported that they are charged in the Balkan country with using forged identification documents. The two men were in court on Thursday and offered 400,000 euros ($437,000) each to be released on bail. The court in Podgorica hasn’t yet decided on the motion. Do Kwon was arrested in Montenegro in March on an international arrest warrant in  connection with a $40 billion crash of the firm’s cryptocurrency that devastated retail investors around the world. Both South Korea and the United States have requested his extradition from Montenegro.

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