Prosecutors in Montenegro have reportedly appealed a court ruling to release Terraform Labs co-founder Doo Kwon on $440,000 bail.
The 31-year-old developer was arrested in the Balkan country in March this year after allegedly being on the run for several months. Several regulators and agencies argued that he was frequently moving from place to place to avoid facing justice after the massive collapse of Luna/UST.
prosecutors are not happy
According to recent coverage, a district prosecutor’s office in Podgorica, Montenegro filed an appeal against a court decision to grant bail to Do Kwon and his associate Han Chang-joon.
Both men applied for release on $440,000 bail last week, while the Basic Court in Podgorica honored their wish. If the amount is paid, they will be released from the detention facility, but will be ordered to remain inside a designated place. Rumors say that Kwon and Chang-joon may temporarily move into a local lawyer’s apartment in connection with the defendants.
Nevertheless, they will remain in custody until a magistrate decides whether to accept or reject prosecutors’ appeal.
It is safe to assume that Kwon’s potential release could spark huge debate among crypto participants, with some believing that he was the main culprit behind the multi-billion LUNA/UST crash last year. The incident brought huge losses to investors and undermined the entire legacy of the digital asset industry.
Both South Korea (Kwon’s homeland) and the United States have requested the man’s extradition, arguing that he should face justice for his alleged fraudulent actions. The Terraform co-founder could face up to 40 years in prison if convicted in the Asian country, while the punishment could be even more severe in the States.
Kwon comes under attack from all sides
The US Securities and Exchange Commission (SEC) recently received approval to seek Luna Foundation guard records stored at the Monetary Authority of Singapore (MAS) that may indicate Kwon played a role in the Terra meltdown. Or not.
LFG is a non-profit organization that raised funds to have an algorithmic stablecoin – UST – valued at $1. However, the coin plummeted to near-zero last spring, leaving many investors unlucky.
South Korean authorities froze approximately $176 million in assets personally owned by Kwan to determine whether they were acquired through criminal activity. In addition to cryptocurrencies, they blocked his access to real estate, expensive cars, and money deposits.
Special Offer (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
source: cryptopotato.com
