Terraform Labs co-founder Do Kwon has been released from custody in Montenegro on bail.
Terra Luna Founder Do Kwon Out on Bail
Terraform Labs co-founder Do Kwon has been released from custody in Montenegro on bail. Kwon and his former CFO Han Chang-joon were arrested in March 2023 for allegedly using fake documents to travel. They had their passports confiscated by South Korea in October 2022, where they are wanted by Interpol for their role in the $40 billion collapse of the Terra ecosystem in May 2022.
The bail amount for each of them was set at 400,000 euros ($436,000), and they will be under house arrest until the trial begins on June 16. The court also ordered Kwon and Chang-joon to verify the validity of their travel documents and identity cards, which were supposedly issued by Belgium. Kwon's lawyers submitted their bail request on May 11, and the court approved it on May 12.
Kwon is facing criminal charges of document forgery in Montenegro, as well as freezing of his personal assets worth $176 million by South Korean authorities. He is one of the main suspects in the Terra scandal, which shook the crypto industry and caused massive losses for investors and users.
