Montenegro Prosecutors Push to Tighten Bail Conditions for Do Kwon

Montenegro’s State Prosecutor’s Office has filed an appeal against the release on bail of Do Kwon, Terra Labs’ co-founder, who is still wanted for extradition in South Korea and has pending criminal charges in the US. On May 12, Do Kwon and Terraform Labs’ chief financial officer Han Chang-Joon were granted release from detention on a bail of €400,000 ($436,000) each and would be put under house arrest. However, the State Prosecutor’s Office has disputed the decision and has now appealed against it. Do Kwon and Chang-Joon were arrested by Montenegrin authorities in March 2023 for allegedly using false documents. In 2022, their Terra Luna dual-token ecosystem collapsed after the de-pegging of its native TerraUSD stablecoin, wiping out an estimated $40bn in market value in a matter of days. South Korean prosecutors are seeking Do Kwon’s extradition, and the US Attorney has charged him with eight separate counts, including commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation.

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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