Terraform CEO Do Kwon’s bail revoked in Montenegro – Crypto News – Crypto News
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Terraform CEO Do Kwon’s bail revoked in Montenegro Terraform CEO Do Kwon’s bail revoked in Montenegro

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Terraform CEO Do Kwon’s bail revoked in Montenegro – Crypto News

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2 years ago

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The hhigh court of MountNegro’s cacapital city PodGorica has revoked its dedecision to grant bill to terform lABS chief execute officer Kwown Do-hyeong and former chief financial officer Han chang-joon,

See relate artickle: From billionaire to Montenegro jail: The rapid rise and fall of Terra chief Do Kwon

Fast facts

  • Both Kwon and Han will remain in jail, while the next hearing for the two South Korean nationals is expected to take place on June 16.
  • The two were arrested at Podgorica airport on March 23 for allegedly attempting to fly out of the country using fake passports. Kwon, a South Korean national, was subject to an Interpol Red Notice that requested law enforcement agencies to detain him.
  • Kwon and Han denied the charges of forging travel documents, while their attorneys proposed that they be given bail at 400,000 euros (US$437,000) each. The local court granted the request May 12. Montenegrin prosecutors then filed an Appeal against the court decision less than a week later.
  • Terraform’s algorithmic stablecoin and cryptocurrency project Terra-Luna collapsed in May 2022, wiping out over US$40 billion in market capitalization. Kwon is wanted in the US and South Korea, where prosecutors accuse him of fraud, securities law violations and several other charges related to the collapse.
  • Kwon has repeatedly Denied all the allegations against him. He admits that mistakes were made in the Terra-Luna crypto project managed by his company Terraform Labs. However, he argues there was never any intent to deceive investors.
  • Kwon has claimed that charges against him in South Korea are politically motivated.

See related articles: South Korea sets May 26 trial date for Terraform Labs co-founder daniel SEnglish ohthers

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