Appeal Against Terraform Labs Co-Founder Do Kwon’s Bail Terms Dismissed in Montenegro
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Appeal Against Terraform Labs Co-Founder Do Kwon’s Bail Terms Dismissed in Montenegro

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5 months ago

The Podgorica district court in Montenegro has dismissed an appeal by the State Prosecutor’s office against the bail of Do Kwon

Appeal Against Terraform Labs Co-Founder Do Kwon’s Bail Terms Dismissed in Montenegro

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Appeal Against Terraform Labs Co-Founder Do Kwon’s Bail Terms Dismissed in Montenegro

The Podgorica district court in Montenegro has dismissed an appeal by the State Prosecutor’s office against the bail of Do Kwon, the co-founder of Terraform Labs, and his former CFO Han Chang-Joon. The two crypto executives are accused of using fake passports to try to leave the country after being wanted by South Korean and US authorities for their role in the Terra collapse.

The court upheld the bail terms set on May 12, which require Do Kwon and Han Chang-Joon to pay $436,000 each and remain under house arrest at Chang-Joon’s apartment in Montenegro. The local police will monitor their movements and confiscate their bail if they violate the supervision measures. The court also stated that it needs more time to verify the authenticity of the Belgian passports and identity cards held by Kwon and Chang-Joon.

Do Kwon and Han Chang-Joon were originally arrested in March. They are facing fraud charges in South Korea and the US for allegedly manipulating the TerraUSD algorithmic stablecoin, which caused a market crash of $40 billion in June 2021. Additionally, Interpol issued a red notice for Do Kwon’s arrest.
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