Terraform Labs Executives Sentenced to 4 Months in Prison for Document Forgery

Former Terraform Labs executives, Han Chang-Joon and Kwon Do-Hyeong, also known as Do Kwon, have been found guilty of document forgery and sentenced to four months in prison each. The verdict was announced on Monday, June 19, 2023, by the Basic Court in Podgorica.

According to the court’s decision, Han Chang-Joon and Kwon Do-hyeong, both citizens of South Korea, were convicted of falsifying documents. The four-month prison sentence includes the period they spent in custody from March 23, 2023, to June 15, 2023. Additionally, the court imposed a security measure, ordering the confiscation of their public documents, which include two Costa Rican passports, two Belgian passports, and two identity cards.

The court explained that various circumstances were taken into account when determining the sentence. A written copy of the verdict will be prepared and delivered to the parties involved within the legal timeframe of 30 days. If dissatisfied with the decision, the defendants or the prosecution have the right to appeal within eight days of receiving the written copy.

The sentencing marks a significant development in the ongoing legal proceedings involving Han Chang-Joon and Kwon Do-hyeong. As former executives of Terraform Labs, their actions have been subject to scrutiny, particularly in relation to the collapse of the Terra ecosystem.

This development highlights the ongoing efforts to ensure compliance with the law and emphasizes the significance of maintaining the integrity of official documents. The outcome of this case serves as a clear reminder of the importance of transparency and accountability within the cryptocurrency industry.