Terraform Labs founder Do Kwon is released for $ 440,000 in deposit (report)

Terraform Labs founder Do Kwon is released for $ 440,000 in deposit (report)

do Kwon, founder of Terraform Labs, which runs the StableCoin Terra and the Luna cryptocurrency, has not guilty the trip to Montenegro.

Before the basic court of the Montenegrin capital Podgorica, Han Chang-Joon, CFO of Kwon and Terraform, rejected the accusation of forgery of documents.

The prosecutors raised an objection to the decision and argued that Kwon and Chang-Joon were not interested in staying in Montenegro until the court appointment.

kwon suggests a deposit of € 400,000

Kwon and Han were arrested at Podgorica Airport on March 23 and the public prosecutor raised charges against them on April 2. At the hearing on May 11, their lawyers demanded an release of the accused on the deposit and proposed a total amount of 400,000 euros. They also asked the court to define the measures for the defendants to "leave the apartment" during the ban and his supervision.

"Before the basic court in Podgorica, a procedure against the accused CJH and KDH, which is accused of committing the crime of falsification of documents. In the main hearing, the accused contested the inspection of the crimes that they were responsible for and presented their defense", according to a statement by the basic court of Podgorica.

The defenders also asked the court to allow Kwon and Han to "regularly report to the State Authority". However, the prosecutors rejected these proposals. The court has not yet decided on the matter and set the next hearing on June 16.

no immediate delivery

After his arrest, the USA and South Korea Montenegro officially asked for Kwon's delivery, said Marko Kovac's Justice Minister on March 23 at a press conference in Podgorica. He continued that Kwon and Han were accused of traveling into the country with fake documents. And they would only be deported after the process was completed and they had served the punishment that the courts might impose them against.

Both countries also called for the Montenegrin authorities to publish the computers of the two arrested terraform managers.

The Terra and Luna coins of Terraform Lab, which were coupled together by an algorithmic arrangement, collapsed in early May 2022 and left the cryptom market a loss of almost $ 40 billion.

The South Korean dishes bundled the complaints of investors of these coins, which had lost their money in two cases, and tried to bring Kwon and his employees to court. Kwon denied any misconduct, except that his business strategies failed and led to the collapse of the Terra-Luna ecosystem. However, he refused to respond to the summons and was able to avoid the arrest by the South Korean authorities.

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