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Terraform CEO Do Kwon’s bail revoked in Montenegro

Terraform CEO Do Kwon’s bail revoked in Montenegro
T he h igh c ourt of Mont enegro’s ca pital c ity Pod gorica h as re voked i ts de cision to g rant b ail to Ter raform L abs c hief exe cutive of ficer K wo n Do-hyeong and former chief fin an cial of ficer H an Cha ng-joon .

S ee re lated ar ticle: From billionaire to Montenegro jail: The rapid rise and fall of Terra chief Do Kwon

Fast facts

Both Kwon and Han will remain in jail, while the next hearing for the two South Korean nationals is expected to take place on June 16.

The two were arrested at Podgorica airport on March 23 for allegedly attempting to fly out of the country using fake passports. Kwon, a South Korean national, was subject to an Interpol Red Notice that requested law enforcement agencies to detain him.

Kwon and Han denied the charges of forging travel documents, while their attorneys proposed that they be given bail at 400,000 euros (US$437,000) each.  The local court granted the request May 12. Montenegrin prosecutors then filed an appeal against the court decision less than a week later. 

Terraform’s algorithmic stablecoin and cryptocurrency project Terra-Luna collapsed in May 2022, wiping out over US$40 billion in market capitalization. Kwon is wanted in the U.S. and South Korea, where prosecutors accuse him of fraud, securities law violations and several other charges related to the collapse. 

Kwon has repeatedly denied all the allegations against him. He admits that mistakes were made in the Terra-Luna crypto project managed by his company Terraform Labs. However, he argues there was never any intent to deceive investors. 

Kwon has claimed that charges against him in South Korea are politically motivated.

See related article: South Korea sets May 26 trial date for Terraform La bs co- founder D anie l S hin, o the rs shares this Contents always with License.

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