Montenegrin Prosecutors Appeal Do Kwon’s Bail in New Case Development

Montenegro prosecutors have appealed a court decision to release Do Kwon, co-founder of Terraform Labs, on a $440,000 bail. Kwon was arrested in March in Montenegro after allegedly running away from regulators and agencies following the collapse of LUNA/UST. The Basic Court in Podgorica granted Kwon and his associate Han Chang-Joon their wish to be released on bail last week, but prosecutors quickly filed an appeal against the ruling. They will remain in custody until magistrates decide whether to approve or reject the appeal. Kwon’s potential release has sparked debates among crypto participants as some believe he was the main culprit behind the multi-billion LUNA/UST crash last year. South Korea and the USA have both requested his extradition for alleged fraudulent actions. The US Securities and Exchange Commission gained approval to seek records of the Luna Foundation Guard stored at the Monetary Authority of Singapore that could indicate whether Kwon played a role in the Terra meltdown. The South Korean authorities also froze around $176 million in assets personally owned by Kwon to determine whether they were acquired through criminal activity.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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