Montenegro prosecutors appeal bail for Terra CEO Do Kwon

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Mon­tene­gro pros­e­cu­tors have filed an appeal against a local court deci­sion to approve bail for the detained Ter­raform Labs chief exec­u­tive offi­cer Kwon Do-hyeong and his asso­ciate Han Chang-joon fol­low­ing alle­ga­tions against the two of trav­el­ing on fake pass­ports, accord­ing to South Korea’s Yon­hap News.

See relat­ed arti­cle: Terraform’s Do Kwon pleads not guilty to pass­port forgery; lawyers pro­pose US$437,000 bail

Fast facts

  • Kwon was arrest­ed at Pod­gor­i­ca air­port of Mon­tene­gro on March 23 along with Terra’s for­mer chief finan­cial offi­cer Han for alleged­ly attempt­ing to fly out of the coun­try using fake pass­ports. Kwon, a South Kore­an, was under an Inter­pol Red Notice that request­ed law enforce­ment agen­cies to detain him.
  • The Mon­tene­grin court announced the indict­ment of the two on April 21. 
  • Both South Kore­an nation­als denied the charges of forg­ing trav­el doc­u­ments, while their attor­neys pro­posed that they be giv­en bail at 400,000 euros (US$437,000) each, which the local court grant­ed last Friday. 
  • Terraform’s algo­rith­mic sta­ble­coin and cryp­tocur­ren­cy project Ter­ra-Luna col­lapsed in May 2022, blow­ing away over US$40 bil­lion in mar­ket cap­i­tal­iza­tion. Kwon is want­ed in the U.S. 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, main­tain­ing that mis­takes were made in the Ter­ra-Luna cryp­to project man­aged by his Ter­raform Labs, but there was no intent to deceive investors. Kwon also claimed that charges against him in South Korea are polit­i­cal­ly motivated.
  • The next hear­ing for Kwon and Han is expect­ed to take place on June 16.

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

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