The move from authorities in Montenegro comes almost a month after Kwon's arrest.
Terraform Labs co-founder and former CEO Do Kwon has been indicted in Montenegro on charges of document forgery following his arrest in late March.
According to the South Korean news portal Block Media, the Prosecutor's Office of the State of Podgorica has charged Do Kwon with falsifying legal documents. The news comes after Kwon's arrest in March.
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Do Kwon was arrested on March 23rd at Montenegro's capital's airport as he attempted to board a private flight to Dubai. The man is accused of using fake documents in an attempt to flee the country.
The former chief financial officer of Terraform Labs, Han Chang-jun, is also facing similar accusations as he was arrested alongside Do Kwon.
Following the indictments, Montenegro's prosecutors have reportedly sought an extension to the detention period for both former executives. It is worth noting that at the end of March, prosecutors have already extended his detention by 30 days.
While Kwon and Han are facing legal troubles in Montenegro, another Terraform co-founder, Shin Hyun-Seung (also known as Daniel Shin), is still free in South Korea.
Local authorities have tried to arrest Shin, but the Seoul Southern District Court denied their request. The court found little likelihood of Shin fleeing or tampering with evidence related to Terra's downfall.
The hunt for Terraform Labs co-founder lasted for quite some time. In September, South Korean authorities issued an arrest warrant for Do Kwon, with Interpol issuing Red Notice for Kwon shortly after.
However, Kwon was nowhere to be found. Over the months, several reports claimed that Kwon was hiding in Singapore and Dubai. Finally, in February, South Korean authorities located Do Kwon in Serbia. While several legal procedures were ongoing to deport Terraform Labs' co-founder to South Korea, authorities in Montenegro were the first to catch the "cryptocurrency king."
