Terraform Labs executives Do Kwon and Han Chong-Joon, arrested in Montenegro for using fake documents to leave the country, have been rejected bail.ย
Terraform Labs Executives Appeal for Bail of 400,000 Euros
The decision to release them to house arrest on a bail of 400,000 euros has been appealed by prosecutors. The Basic Court will review their bail onceย more, and thereย is no limit to the number of times the courtโs decisions can be appealed.NEW: Terraย (LUNA) founder Do Kwon rejected a previously granted bail deal of $880,000 by a higher court in Montenegro
The prosecution argued Kwon would have no interest to stay in Montenegro once released to await extradition pic.twitter.com/See7cJqDFZ
โ Coinage (@coinage_media) May 24, 2023
South Korean and Unitedย States authorities and Singapore are seeking the extradition of Do Kwon, co- founder of Terraform Labs. He faces numerous charges, including commodities fraud, securities fraud, wire fraud, conspiracy to defraud, and market manipulationโthe Unitedย States The Securities and Exchange Commission has already filed a lawsuit against him, and a class-action suit has been initiated in California.
Furthermore, Kwon could face up to 40 years in South Korea and 5 years in Montenegro. His trial in Montenegro is scheduled for June 16, and while Montenegro has an extradition treaty with the Unitedย States, it does not have treaties with South Korea or Singapore.
Meanwhile,ย the Basic Court will reconsider the decision that atย theย beginning granted bail to Kwon. The outcome of this discrepancy betwixt the courts remains uncertain for the previous Terraย (LUNA) executives. Asย ofย now, both Kwon and Han will remain in custody until the Montenegrin judiciary reaches a decision.
Fast Facts on Terraย (LUNA) Labs Executives Arrests
Afterย theย collapse of the Terraย (LUNA) ecologicalย system in May 2022, Do Kwon, co- founder of Terraform Labs, went missing but continued to be active on social media, denying any states of hiding. Regardlessย of an Interpol Red Notice being announced for him, it was thereafter realizedย that Kwon and Han Chong-Joon had been residing in Serbia. Itโsย worthย notingย that, Kwon had allegedly established a consulting company in Serbia after the Red Notice was issued.
Kwon and Terraโs previous CFO, Han, were arrested in Montenegro on March 23 for allegedly using fake passports to leave the country. A South Korean, Kwon, was apprehended accordingย to an Interpol Red Notice.ย
On April 21, the Montenegrin court indicted both individuals. They rejected the charges of forging travel documents, and their lawyers requested bail, which the local court granted. Authorities from South Korea and the Unitedย States are asย ofย now wrestling with the decision of which jurisdiction should handle the extradition and charges against Do Kwon for his alleged engagementย in fraud and other states related to the collapse of Terraform Labs,
The collapse of Terra-Luna, Terraformโs digitalย currency project, led to over $40 Billion in marketย cap losses. Kwon is facing charges of fraud and securities law violations in the Unitedย States and South Korea, but he denies all states and states they are politically motivated.
Terraย (LUNA) Luna Community Overcomes Criticism, Celebrates Milestones
Since the collapse of TerraUSD (UST) in May aย yearย ago, Terraย (LUNA) Luna (LUNA) has faced wholeย lotย of criticism. Nonetheless, the community remains dedicated to rebuilding the Terraย (LUNA) ecologicalย system and supporting LUNA. Regardlessย of the challenges, the project has achieved notable milestones in recent months.ย
On May 18, the Terraย (LUNA) team shared updates on numerous events and developments in April, including ecologicalย system progress, governance updates, integrations and listings, media features, and community highlights, via the official Terraย (LUNA) Twitter account.
Get a quick read on everything that happened in the Terraย (LUNA) ecologicalย system in April in this monthโs Community Update!๐
โ Ecologicalย system Updates
โ Governance Updates
โ Integrations & Listings
โ Media Features
โ Community Thread Highlightsโ Terraย (LUNA) ๐ Powered by Terraย (LUNA) ๐ (@terra_money) May 18, 2023
The update, written by Zion Schum, Head of Communications at Terraย (LUNA) Money, offered an overview of theย present situation within Terra. Regardlessย of the constant battle against industry FUD (Fear, Uncertainty, and Doubt), the Terraย (LUNA) community accomplished notable achievements in April. These included the introduction of the cutting-edge Alliance module and Enterpriseโs user-friendly, no-code DAO management platform.
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