he recently arrested founder of the collapsed Terra ecosystem

Do Kwon, the recently arrested founder of the collapsed Terra ecosystem, has reportedly become the subject of an indictment proposal submitted by prosecutors in Montenegro.

 The proposal accuses Kwon and Han Chang Joon, the chief financial officer of Terraform Labs, of forging personal documents. 

  • Montenegrin prosecutors have also requested to extend the two's detention.
  • The proposal will see a final decision from the Montenegrin court before approval. 
  • In March, Kwon and Han were arrested at the Podgorica Airport in Montenegro while trying to fly to Dubai carrying falsified traveling documents.
  • Both the U.S. and Kwon's native South Korea seek his extradition, though they do not have a direct extradition treaty with Montenegro.
  • The 31-year-old founder had been wanted with a red notice issued by the International Criminal Police Organization (Interpol) since September 2022 and was thought to be hiding in Serbia since December before being arrested in Montenegro. 
  • Terra's founder has also been subject to many lawsuits and investigations in several countries, including South Korea and the U.S., with allegations such as tax fraud, deceiving investors, racket collecting, and building a Ponzi scheme.
  • Multibillion-dollar Terra ecosystem collapsed last year after its native token Luna's price plummeted nearly to zero in May 2022 and lost all its value against the U.S. dollar (USD), triggering a prolonged crypto winter. 
  • The collapse caused over $60B of money to be wiped off the crypto market.

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