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Crypto evader Do Kwon was given a four-month sentence in Montenegro.

Disgraced former crypto leader Kwon Do-hyeong, also known as Do Kwon, is wanted in both the United States and South Korea on fraud and other allegations; he was recently given a four-month prison sentence in Montenegro.

A representative for the Basic Court in Podgorica told that on Monday, Do Kwon and another South Korean national, Han Chang-Joon, were sentenced to four months in prison for document forgery. Reuters reports that before joining the Terraform Labs team, Han worked as the company’s CFO. Terraform Labs is a blockchain platform co-founded by Kwon.

Late in March, authorities in Podgorica, Montenegro, apprehended the two men as they attempted to catch an aircraft to Dubai.

Two Costa Rican passports, two Belgian passports, and two identity cards were discovered and confiscated from the ex-crypto executives by the authorities.

According to a statement released by the court, their sentences encompass the 85 days they were detained.

Both the TerraUSD stablecoin and its sibling coin Luna were created by Terraform Labs. In May 2022, the value of both coins plummeted in a matter of days, wiping away $40 billion from the cryptocurrency market and sparking widespread fear.

The US Securities and Exchange Commission filed fraud charges against Kwon and his firm in February, alleging that he had misled investors about the safety of TerraUSD.

In addition to violating South Korea’s capital markets law, Kwon has been charged with fraud. In October, he expressed his disbelief that the accusations against him were founded, calling them instead “politically motivated.”

In December, prosecutors in Seoul informed that they have information pointing to Serbia as the likely hiding place of the crypto leader. Kwon has insisted several times on Twitter that he is not “on the run,” despite his refusal to reveal his location out of safety concerns.

The Podgorica court announced Monday that Kwon and Han’s punishment would be formulated and delivered within 30 days. The guys have eight days from the date they get the letter to file an appeal of the court’s judgment.

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