Montenegro Court Denies Bail to Terraform CEO Do Kwon
11 months ago 1 min read

Do Kwon’s Bail Revoked, Will Remain in Jail in Montenegro

The high court of Montenegro’s capital city Podgorica has revoked its decision to grant bail to Terraform Labs chief executive officer Kwon Do-hyeong and former chief financial officer Han Chang-joon. 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

Terraform Labs' Do Kwon Converts $2.8 Million in Digital Assets before Montenegro Bail Release
11 months ago 1 min read

Terraform Labs’ Co-founder and CEO Do Kwon Cashes Out $2.8 Million Before Montenegro Bail Release

Terraform Labs Co-founder and CEO, Do Kwon, reportedly liquidated $2.8 million worth of cryptocurrency before being released on bail in Montenegro on Friday. Kwon and fellow executive, Han Chong-joon, were arrested in March this year, charged with possession of fake travel documents and attempting to travel with counterfeit papers. The executives were later granted bail and released for a sum of around $436,000. Sources claim that $500,000 worth of Tether (USDT) was withdrawn from a wallet believed to be Kwon’s some seven days ago. Additionally, 2.39 million Terra Luna Classic (LUNC) coins were withdrawn from a Kwon-linked wallet. South Korean