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Home General News

Do Kwon, CEO Of Terraform Bail Cancelled In Montenegro

Hania by Hania
May 25, 2023
in General News
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Do Kwon, CEO Of Terraform Bail Cancelled In Montenegro
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Kwon Do-hyeong, the chief executive of Terraform Labs, and Han Chang-joon, the former chief financial officer, had their bail orders cancelled by the high court in Podgorica, the capital city of Montenegro.

Quick facts

Kwon and Han will both remain behind bars, and their next court appearance is scheduled for June 16th.

The two were detained on March 23 at the airport in Podgorica for allegedly attempting to fly out of the country via fake passports. The Interpol Red Notice seeking the arrest of Kwon, a resident of South Korea, was in circulation.

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Kwon and Han were accused of tampering with travel documents, but they denied the accusations. Their counsel suggested that they be released on bail for 400,000 euros ($437,000) each.  The request was approved by the local court on May 12. Less than a week later, Montenegrin prosecutors filed an appeal against the court’s ruling. 

Do Kwon, CEO Of Terraform Bail Cancelled In Montenegro

In May 2022, Terraform‘s algorithmic stablecoin and crypto project Terra-Luna collapsed, taking away a market capitalization of approximately US$40 billion. Kwon is wanted in South Korea and the United States, where prosecutors accuse him of violating securities laws, fraud, and other charges associated with the collapse. 

Kwon has always denied all of the accusations raised against him. He acknowledges that mistakes have occurred in the Terra-Luna crypto project run by Terraform Labs, his company. He argues, however, that there was never any intention to mislead investors. 

Kwon has stated that the allegations made against him in South Korea are driven by politics.

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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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