Do Kwon’s Bail Appealed by Montenegrin Prosecutors (Report)

The NFT Unicorn Do_Kwon1 Do Kwon’s Bail Appealed by Montenegrin Prosecutors (Report) Crypto News

Prosecutors of Montenegro have reportedly appealed the court’s rule to release Terraform Labs’ co-founder – Do Kwon – on a $440,000 bail. 

The 31-year-old developer was arrested in the Balkan country in March this year after supposedly being on the run for several months. Numerous regulators and agencies argued that he was frequently moving from one location to another to escape facing justice after the gigantic collapse of LUNA/UST.

Prosecutors Are not Happy

According to recent coverage, a district prosecutor’s office in Podgorica, Montenegro, filed an appeal against the court’s decision to grant bail to Do Kwon and his associate Han Chang-Joon.

The two men applied for a release last week on a $440,000 bail each, whereas the Basic Court in Podgorica honored their wish. If the sum is paid, they will be released from the detention facility but will be ordered to remain inside an appointed place. Rumors say Kwon and Chang-Joon could temporarily move to an apartment belonging to a local lawyer in connection with the defendants. 

Still, they will remain in custody until the magistrates decide whether to approve or reject the prosecutors’ appeal. 

It is safe to assume that the possible release of Kwon could spark huge debates among crypto participants, with some believing he was the main culprit behind the multi-billion LUNA/UST crash last year. The event caused colossal investor losses and undermined the entire legacy of the digital asset industry.

South Korea (Kwon’s homeland) and the USA have both requested the extradition of the man, arguing he should face justice for his alleged fraudulent actions. If found guilty in the Asian nation, Terraform’s co-founder could spend 40 years in jail, while the punishment in the States could be even more severe. 

Kwon Gets Attacked From Many Sides

The US Securities and Exchange Commission (SEC) recently obtained approval to seek records of the Luna Foundation Guard stored at the Monetary Authority of Singapore (MAS) that could indicate whether Kwon played a role in the Terra meltdown.

LFG is a non-profit entity that raised funds to keep the valuation of the algorithmic stablecoin – UST – at $1. However, the token plunged to virtually zero last spring, affecting multiple unfortunate investors. 

The South Korean authorities froze around $176 million in assets personally owned by Kwon to determine whether those were acquired via criminal activity. Apart from cryptocurrencies, they blocked his access to real estate, expensive cars, and money deposits. 

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Source: CryptoPotato