Arrest of Do Kwon and Partner Han Chang-joon in Montenegro Over Passport Fraud Suspicions

According to reports, Montenegrin prosecutor Haris Š aboti ć Said that the trigger for the arrest of Do Kwon was not the red wanted warrant issued by Interpol, but rather the suspicion by border guards of the legality of their passports. Haris Š aboti ć With the Chief Prosecutor Du š ko Milanovi ć ‘s job is to formally accuse Do Kwon and his partner Han Chang-joon of using false documents. It is expected that the relevant investigation will be completed before the statutory deadline of April 23. Once the prosecution files a formal complaint, Do Kwon and his partner Han Chang-joon will be tried in the lower court of Podgorica. If convicted, they face up to five years in prison.

Prosecutor of Montenegro: It is expected to complete the investigation against Do Kwon by the deadline set on April 23rd

Montenegrin prosecutor Haris Šabotić revealed that Do Kwon, co-founder of the Seoul-based cryptocurrency exchange, Coinnest, and his partner Han Chang-joon were recently arrested in Montenegro on suspicion of passport fraud.

Introduction

The arrest of Do Kwon and Han Chang-joon in Montenegro has sent shock waves to the cryptocurrency industry. The co-founders have been charged with using false documents to enter the country. This article explores the events leading to their arrest, the charges they are facing, and possible implications for Coinnest, the cryptocurrency industry, and the two individuals.

Events Leading to the Arrest

According to reports, the trigger for the arrest of Do Kwon and his partner was not the red wanted warrant issued by Interpol but rather the suspicion by border guards of the legality of their passports. They had arrived in Montenegro on March 24 using false documents, a crime punishable by up to five years in prison.

The Charges – False Documents

Montenegrin prosecutors Haris Šabotić and Chief Prosecutor Duško Milanović are working to formally accuse Do Kwon and his partner, Han Chang-joon, of using false documents. The investigation is expected to be completed before the statutory deadline of April 23. Once the prosecution files a formal complaint, Do Kwon and Han Chang-joon will be tried in the lower court of Podgorica. If convicted, they face up to five years in prison.

Implications for Coinnest

Do Kwon is a co-founder of Coinnest, a cryptocurrency exchange headquartered in Seoul. Coinnest was once one of the largest exchanges in South Korea but has struggled with legal issues over the past year. The exchange was raided twice by South Korean authorities in 2018, and one of its executives was sentenced to six months in prison on charges of embezzlement and fraud.
The arrest of Do Kwon and his partner in Montenegro is another blow to Coinnest and could further damage the exchange’s reputation. It is unclear what effect the arrests will have on Coinnest’s operations, but it raises concerns about the company’s governance and compliance policies.

Possible Implications for the Cryptocurrency Industry

The arrests of the Coinnest co-founders could have broader implications for the cryptocurrency industry. Since its inception, the industry has been plagued by security and regulatory issues. The arrests of Do Kwon and his partner could further erode public trust in cryptocurrency exchanges and fuel the perception that they are not legitimate businesses.

Conclusion

The arrest of Do Kwon and his partner Han Chang-joon in Montenegro on passport fraud suspicions has brought to the fore governance and compliance issues in the cryptocurrency industry. The impending legal proceeding against the co-founders of Coinnest will be a key development to watch for stakeholders in the industry.

FAQs

1. What is the penalty for using false documents in Montenegro?
– The penalty for using false documents in Montenegro is up to five years in prison.
2. What effect could the arrests have on Coinnest?
– The arrests of the co-founders could further damage Coinnest’s reputation and raise concerns about its governance and compliance policies.
3. What are the broader implications of the arrests for the cryptocurrency industry?
– The arrests could erode public trust in cryptocurrency exchanges and fuel the perception that they are not legitimate businesses.