JUST

Terra Classic

Terra

<p>A Montenegrin court agreed to release detained Terraform Labs co-founder Do Kwon and his former chief financial officer Han Chong-joon on $436,000 in bail for each man, a move prosecutors had sought to deny.</p>
<h2 style="text-align: center;" id="bail-and-house-arrest-proposed-for-terra-co-founders">Bail and House Arrest Proposed for Terra Co-Founders</h2>
<p>Lawyers representing Do Kwon and Han Chang-joon, Terra&#8217;s co-founder and executive, are proposing a substantial bail of $436,000 each to keep them out of Montenegrin prison as they prepare for their trial on June 16. The attorneys have also requested that Kwon and Chang-joon be placed under house arrest in Montenegro. If the conditions are met, both individuals would be confined to an apartment in Montenegro, obligated to periodically report to a designated state authority.</p>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
<p lang="en" dir="ltr">A Montenegro court agrees to release detained Terraform Labs co-founder Do Kwon and his former CFO on bail <a href="https://t.co/urGE5j7cmx">https://t.co/urGE5j7cmx</a></p>
<p>&mdash; Bloomberg (@business) <a href="https://twitter.com/business/status/1656990349456228353?ref_src=twsrc%5Etfw">May 12, 2023</a></p></blockquote>
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<h2 style="text-align: center;" id="charges-for-traveling-with-false-documents">Charges for Traveling with False Documents</h2>
<p>Montenegrin authorities continue to press charges against Kwon and Chang-joon for allegedly attempting to travel with false documents, as their legal representatives negotiate the proposed bail conditions. Both were apprehended at Podgorica airport by Montenegrin authorities on March 23, 2023, accused of using falsified passports in an attempt to travel to Dubai.</p>
<h2 style="text-align: center;" id="pleading-not-guilty-and-awaiting-trial">Pleading Not Guilty and Awaiting Trial</h2>
<p>Kwon and Chang-joon, through their legal representatives, have pleaded not <a href="https://walletinvestor.com/magazinadmin/do-kwon-sent-millions-to-law-firm-before-terra-collapse/">guilty</a> to these charges. Prosecutors, however, are contesting the proposed bail conditions. The trial for these criminal charges is scheduled for June 16. Despite efforts by officials from the U.S. and South Korea to extradite Kwon to their respective jurisdictions, it&#8217;s expected he will first face legal proceedings in Montenegro.</p>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
<p lang="en" dir="ltr">JUST IN:🚨<a href="https://twitter.com/hashtag/Luna?src=hash&amp;ref_src=twsrc%5Etfw">#Luna</a>&#39;s Do Kwon pleads not guilty to passport forgery in Montenegro asks for US$437,000 bail <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw">#crypto</a> <a href="https://twitter.com/hashtag/lunc?src=hash&amp;ref_src=twsrc%5Etfw">#lunc</a> <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#bitcoin</a> <a href="https://t.co/X7eCcdVfSh">pic.twitter.com/X7eCcdVfSh</a></p>
<p>&mdash; Crypto Macro (@cryptomacro14) <a href="https://twitter.com/cryptomacro14/status/1656899156022280192?ref_src=twsrc%5Etfw">May 12, 2023</a></p></blockquote>
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<h2 style="text-align: center;" id="the-ripple-effects-of-the-terra-classic-depreciation">The Ripple Effects of the Terra Classic Depreciation</h2>
<p>One year prior to these events, on May 11, 2022, the algorithmic stablecoin Terra Classic (USTC) pegged to Luna Classic (LUNC) experienced a massive depegging, falling over 80% after LUNC lost value. This led to a significant downturn in the cryptocurrency market. As Kwon&#8217;s criminal case continues in Montenegro, South Korean authorities have seized over $2 million of his personal assets on May 10.</p>

Terra Co-Founders Seek $400K Bail and House Arrest Ahead of June Trial in Montenegro

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