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May 18, 2023

Montenegro Prosecutors Appeal Against Do Kwon’s Bail Terms

In Brief

Montenegro prosecutors appeal against Do Kwon’s bail terms.

Montenegro prosecutors appeal against Do Kwon's bail terms

The Montenegrin court last week granted bail to Terra Labs co-founder Do Kwon to avoid extradition to South Korea. However, the State Prosecutor’s Office has filed an appeal against it. Kwon is wanted by the South Korean authorities for criminal charges in the United States.

On May 17, the State Prosecutor’s Office in Podgorica, the capital of Montenegro, appealed against the previous court decision to release Do Kwon and Han Chang Joon — Terraform Labs’ chief financial officer — on bail of 400,000 euros ($436,000).

On May 12, the court granted Do Kwon bail instead of detaining him. According to the documents, if the house arrest is compromised, the bail will be entered into a “special section” of the court’s working budget.

About arrest

In March 2023, Montenegrin authorities arrested Kwon and Chang Joon for allegedly using false documents after they were expelled from South Korea on passport sanctions. The two had their passports confiscated in South Korea, their country of origin. The Terra Luna (LUNC) dual token ecosystem, which Kwon and Terraform Labs created, collapsed in 2022 after the mining of its native TerraUSD (USTC) stablecoin, wiping out an estimated $40 billion in market value in a few days.

As of now, the former CEO of Terraform Labs has over 238 billion Korean won ($185 million) frozen as part of ongoing criminal proceedings. He is facing eight counts of commodities fraud, securities fraud, wire fraud, and other crimes. Prosecutors in South Korea are seeking his extradition, and the United States Attorney has charged him with eight counts, including commodity fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation.

  • Montenegrin police have detained a person suspected to be Do Kwon, co-founder of Terraform Labs. The Twitter account that released the news belongs to the Minister of the Interior.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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