Kwon and Terraform’s chief financial officer Han Chang-Joon will be released from jail and placed under house arrest in an apartment in Podgorica, the capital of Montenegro, after the court accepted their lawyer’s bail proposal of 400,000 euros each. Both have been charged with attempting to travel using forged documents.
The court decided, however, that “the possibility of losing the deposited bail in the amount of EUR 400,000.00 each has a sufficiently discouraging effect on the defendants to dissuade them from any desire to escape.”Both the United States and South Korea are seeking Do Kwon’s extradition, but Montenegro’s Justice Minister Marko Kovac indicated on March 29 that crimes committed in his country will take precedence.
Kwon and Chang-Joon were arrested at the Podgorica airport on Mar. 23 after being caught attempting to travel to Dubai under fake Costa Rican traveling documents. The pair also had Belgian and South Korean travel documents, and Montenegrin authorities said the Belgian documents were also forged. The SEC said Terraform and Kwon “touted and marketed Terra USD as a ‘yield-bearing’ stablecoin, which they advertised as paying as much as 20 percent interest through the Anchor Protocol,” and that they “repeatedly misled and deceived investors that a popular Korean mobile payment application used the Terra blockchain to settle transactions that would accrue value to LUNA.”
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