A Montenegro High Court has denied Terra founder Do Kwon's appeal of a four-month prison sentence over charges of falsifying documents, according to a Thursday statement.
The High Court "rejected as unfounded the appeals of" a lower court judgment, which sentenced Korean citizens Kwon and fellow Terra executive Han Chang-Joon back in June.
The founder of the crypto enterprise was arrested along with his associate in Montenegro in March nearly a year after the dramatic collapse of his crypto empire Terraform Labs. The two have remained in custody since their arrest, and Kwon faces extradition to South Korea or the U.S. once his sentence in the Balkan nation is complete.
The four-month prison sentence is "adequate" punishment for the crime committed, a statement from the Basic Court of Montenegro capital Podgorica said.
"The imposed security measure of confiscation of the objects of the commission of the criminal offense - passports and identity cards - was necessary in order to arrest the perpetrators. prevented them from committing criminal acts in the future," it added.
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