Do Kwon (LUNA) released on $435,000 bail

Do Kwon, the founder of Terra (LUNA), was released yesterday by Montenegrin authorities on a substantial bail, despite a pending extradition request. However, he is not completely free as he is currently under house arrest under heavy surveillance until the end of his trial.

Do Kwon, placed under house arrest in Montenegro

Do Kwon founder of Terra (LUNA)is currently facing fraud charges in several countries. Nevertheless, he has been released from Montenegrin custody, on a bail of 435,000 dollars as well as his financial director, Han Chang-Joon.

Their release does not mark the end of their legal troubles, as they are now under house arrest until their trial is completed and are not allowed to leave their homes. Local authorities have given the police the responsibility of ensuring that this restriction is respected, as stated in a document published this Friday 12 May.

The court accepted the bail offered of €400,000 each for the defendants [Kwon et Chang-Joon] and requested that they be released upon payment of that amount. According to the defendants also, a surveillance measure was – a prohibition to leave the apartment, which will be carried out by the police.

Excerpt from the document

After their release, Kwon and Chang-Joon have stated that they will defend themselves against all charges brought against them. However, this is unlikely to appease the prosecutor in charge of the case.

In a report from Wall Street Journal the prosecutor insisted on the extradition of Kwon in South Korea, the only way out for the victims of the collapse of Terra Luna to receive justice, despite the fact that many crimes were committed in the United States. The prosecutor even warned that Kwon faces 40 years in prison if convicted of financial crimes.

Do Kwon’s legal saga has taken a dramatic turn in recent months. His arrest in Montenegro for falsifying documents has attracted international media attention. Revelations have emerged that Kwon had planned the downfall of his empire adding a new chapter to this saga. Although he has been released on bail, the United States and South Korea, his home country, remain vigilant, keeping a close eye on his actions. This case is reminiscent of the FTX founder’s case.