Do Kwon, co-founder of Terraform Labs, has entered a plea of not guilty in a Montenegrin court after being charged with forging his passport and travel documents. Kwon and his former colleague, Chang-joon Han, were arrested at the airport in Podgorica while attempting to travel to Dubai. Their lawyer has requested bail at €400,000 each and proposed house arrest in Montenegro. Kwon is currently under investigation in the U.S. and South Korea, and if found guilty of falsifying his documents, he may have to serve his prison sentence in Montenegro before being extradited. Meanwhile, Terraform's co-founder Shin has been charged with violating capital markets law in South Korea, fraud, and embezzlement in connection with the crash of TerraUSD and Luna. South Korean prosecutors have frozen assets worth approximately $184.7 million tied to Shin and other individuals, and his first trial is scheduled for May 26, 2023. South Korean prosecutors believe that investigating the case in South Korea is the most effective way to bring justice, as most key accomplices and evidence linked to the Terraform incidents are based there. This week, South Korea also froze assets and properties worth $176 million belonging to Kwon, another individual involved in the case, and a South Korean court has banned the sale of Kwon's house, cars, and financial assets, including cryptocurrencies on cryptocurrency exchanges.