Terra CEO to be Released on Bail in Montenegro

Terra CEO to be Released on Bail in Montenegro

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  • Montenegro court has agreed to a $436,000 bond to release Do Kwon into a house arrest

While the US and South Korean prosecutors are engaging in a jurisdictional battle on who will prosecute Do Kwon, the CEO of Terraform Labs has found his way out of Montenegro custody.

According to a release on Friday, May 13, Podgorica Basic Court has agreed to be paid a $436,000 bond to have Kwon released and placed under house arrest.

Alongside Do Kwon, Chang-joon Han, the Terraform Labs financial officer, will be released on the same condition, and the two of them will be placed under house arrest.

The collapse of TerraUSD and its entire ecosystem led to investors losing a sum of $40 billion; the crypto market experienced a prolonged crypto winter in 2022, with Terra’s collapse contributing to the bankruptcy of many crypto lenders and hedge funds, while the market is trying to revive from the downturn caused by the above event, FTX debacle surfaced in November the same year, and further contribute to the downturn of the crypto market.

Thus far, Kwon’s team is yet to release any statement about his release; however, some crypto analysts opined that the considerable sum of the bond shows the severity of his case.

Meanwhile, on Thursday, Do Kwon along with Han pleaded not guilty to the charges filed against him in Montenegro court, claiming that they weren’t holding a fake passport while being caught in the airport.

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