Terraform Labs executives Do Kwon and Han Chong-Joon, arrested in Montenegro for using fake documents to leave the country, have been rejected bail.
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 once more, and there is no limit to the number of times the court’s decisions can be appealed.NEW: Terra (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
— Coinage (@coinage_media) May 24, 2023
South Korean and United 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 manipulation—the United 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 United States, it does not have treaties with South Korea or Singapore.
Meanwhile, the Basic Court will reconsider the decision that at the beginning granted bail to Kwon. The outcome of this discrepancy betwixt the courts remains uncertain for the previous Terra (LUNA) executives. As of now, both Kwon and Han will remain in custody until the Montenegrin judiciary reaches a decision.
Fast Facts on Terra (LUNA) Labs Executives Arrests
After the collapse of the Terra (LUNA) ecological 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. Regardless of an Interpol Red Notice being announced for him, it was thereafter realized that Kwon and Han Chong-Joon had been residing in Serbia. It’s worth noting that, Kwon had allegedly established a consulting company in Serbia after the Red Notice was issued.
Kwon and Terra’s 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 according to an Interpol Red Notice.
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 United States are as of now wrestling with the decision of which jurisdiction should handle the extradition and charges against Do Kwon for his alleged engagement in fraud and other states related to the collapse of Terraform Labs,
The collapse of Terra-Luna, Terraform’s digital currency project, led to over $40 Billion in market cap losses. Kwon is facing charges of fraud and securities law violations in the United States and South Korea, but he denies all states and states they are politically motivated.
Terra (LUNA) Luna Community Overcomes Criticism, Celebrates Milestones
Since the collapse of TerraUSD (UST) in May a year ago, Terra (LUNA) Luna (LUNA) has faced whole lot of criticism. Nonetheless, the community remains dedicated to rebuilding the Terra (LUNA) ecological system and supporting LUNA. Regardless of the challenges, the project has achieved notable milestones in recent months.
On May 18, the Terra (LUNA) team shared updates on numerous events and developments in April, including ecological system progress, governance updates, integrations and listings, media features, and community highlights, via the official Terra (LUNA) Twitter account.
Get a quick read on everything that happened in the Terra (LUNA) ecological system in April in this month’s Community Update!👇
✅ Ecological system Updates
✅ Governance Updates
✅ Integrations & Listings
✅ Media Features
✅ Community Thread Highlights
— Terra (LUNA) 🌍 Powered by Terra (LUNA) 🌕 (@terra_money) May 18, 2023
The update, written by Zion Schum, Head of Communications at Terra (LUNA) Money, offered an overview of the present situation within Terra. Regardless of the constant battle against industry FUD (Fear, Uncertainty, and Doubt), the Terra (LUNA) community accomplished notable achievements in April. These included the introduction of the cutting-edge Alliance module and Enterprise’s user-friendly, no-code DAO management platform.
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