The renowned South Korean cryptocurrency magnate, Do Kwon, faced prison time following the spectacular crash of the terraUSD and Luna tokens.
This led to a catastrophic loss of approximately $40bn (£31.3bn), which resulted in Kwon’s four-month imprisonment sentence in Montenegro.
Kwon was found culpable of forging official documents, a crime that led to his arrest in March as he was on the brink of boarding a flight to Dubai from Podgorica Airport, the capital of Montenegro.
His legal troubles extend beyond Montenegro. He is also under scrutiny in the US and his home country of South Korea due to the abrupt plummet of the two digital currencies last year.
In the same vein, his former colleague and finance officer of Terraform Labs, Han Chang-joon, will also serve the same sentence after being convicted of identical charges.
Both Kwon and Han, despite entering pleas of not guilty at their initial court appearance in May, have received their sentencing.
The court has clarified that the time Kwon and Han have already spent under arrest since their detainment in March will contribute to their sentences. The duo also retains the right to appeal the verdict within eight days of obtaining the written notification from the court.
