Court approves Luna coin founder’s bail


Court approved bail for Do Kwon and Han Chang-Joon but with some strict conditions.

Do Kwon is one of the founders of Terraform labs, a South Korea based blockchain firm. Terraform launched two crypto-token Luna & TerraUSD stablecoin. Both of the crypto tokens collapsed badly and that resulted in a very big loss for the crypto investors. Around two months ago, Do Kwon was detained by the local police authorities at Podgorica Airport in Montenegro, following a 1 year run after the downfall of Terra empire. 

On 12 May 2023, Montenegrin authorities released a court document which confirmed that the court judge granted bail for Do Kwon and Terra ex-chief financial officer Han Chang-Joon. 

For this bail, these two guys paid nearly EUR 800,000 in total but bail for them doesn’t mean that they will remain anonymous & free to leave for any other country, instead both of these two people are required to appear in court regarding the ongoing legal case regularly.

Court document read:

“The court accepted the offered bail of EUR 400,000 each for the defendants (Kwon and Chang-Joon) and ordered that they be released upon payment of this amount. According to the defendants, a surveillance measure was also determined – a ban on leaving the apartment, which will be carried out by the police.”

Here people need to understand that Kwon & Han are not facing legal hurdles in Montenegro because of Terra crypto fraud, instead, they are facing charges of using forged documents, to remain away from the attention of Interpol. 

Recently South Korean enforcement officials passed a statement against Do Kwon said saying that it will be better to solve the Terra crypto case under the jurisdiction of South Korea because Terraform is a South  korea-based company and all the financial/suspicious operations took placed in Korea, so it will be easy for the investigators to handle the case.

And also dragged attention toward the strict jurisdiction of South Korea, which may impose 40 years of jail punishment against the real culprit behind Terra crypto fraud. 

Read also: Binance quits the Canadian crypto market

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