A new document has been submitted in the court, urging to reject Terra co-founder’s bail conditions.
Do Kwon is the co-founder & CEO of Terraform Labs. Han Chang-joon is his other associate. In March of this year, Kwon was arrested in Montenegro with fake I’d documents. Now he is facing criminal charges of using fake Id documents in the jurisdiction of Serbia.
In late April, Kwon & Chang agreed to pay $870,000 in total to grant the bail. Under the bail conditions, both of these two guys will remain under in house arrest until the end of their criminal proceedings, and also both of them will appear in court regularly, on behalf of the court proceedings.
Just recently the Montenegrin State Prosecutor’s Office filed a request in the court against Kwon’s bail conditions. The appealed motion has been sent to the High Court of Podgorica. If the request is granted then Kwon & his associate will live his life in prison until the end of the case.
In the present time, Kwon is wanted in several jurisdictions e.g. South Korea, the United States, etc. If the criminal charges will be over in Serbia then after that Kwon will be extradited to his native country South Korea.
Recently South Korean enforcement agencies stated that it will be better to treat Kwon in South Korea because all the evidence & activities related to Terra crypto fraud is available in the country, as the blockchain firm Terraform labs is situated in South Korea.
Luna, TerraUSD, & downfall
Luna & TerraUSD were two native coins on the Terra blockchain network. In May of last year, both tokens collapsed badly.
It is worth it to note that Luna & TerraUSD were in the top 10 in the crypto sector & big crypto firms were holding in big amounts, so after the downfall of Terra empire several crypto firms lost their healthy financial position.