• Do Kwon, co-founder of Terraform Labs, was arrested in Montenegro in March 2021 after allegedly being on the run for months.
• Kwon and his associate Han Chang-Joon applied for a $440,000 bail last week which the court honored.
• However, prosecutors have now appealed the decision to release them on bail.
Do Kwon’s Arrest
Do Kwon, co-founder of Terraform Labs, was arrested in Montenegro in March 2021 after allegedly being on the run for months due to his involvement in the collapse of LUNA/UST.
Kwon and his associate Han Chang-Joon applied for a release last week on a $440,000 bail each, whereas the Basic Court in Podgorica honored their wish. If paid, they will be released from detention but must remain inside an appointed place. Rumors state they could move to an apartment belonging to a local lawyer connected with them defendants while awaiting the decision of magistrates to approve or reject prosecutor’s appeal.
Montenegrin prosecutors have reportedly appealed the court’s rule to grant Kwon and Chang-Joon bail by filing an appeal against it with a district prosecutor’s office in Podgorica. This has blocked their potential release from detention until magistrates decide whether or not to approve or reject their appeal.
The possible release of Kwon is likely to spark large debates among crypto participants who believe he was responsible for LUNA/USt’s multi-billion dollar collapse.
Kwon and Chang-Joon remain detained until magistrates decide whether to accept or reject prosecutors’ appeal against their bail request. The outcome is likely to lead into further discussions among crypto participants about who was responsible for LUNA/UST’s downfall.