The founder of Luna, Do Kwon, and his financial director, Han Chang-Joon, will have to remain in prison in Montenegro. The decision to release them has been overturned by Montenegro’s high court. They are being prosecuted for crimes connected with the collapse of Terra (LUNA). Countries such as the USA and South Korea request their extradition.
Do Kwon and Han Chang-Joon’s bail cancelled
Money doesn’t solve all problems, and Do Kwon is realizing it…
The former CEO of stablecoin issuer TerraUSD and his chief financial officer Han Chang-joon were ready to pay up to 400,000 dollars each to get out of prison. They had already obtained the agreement of a court of the country for a provisional release on bail, but the high court revoked this decision.
Indeed, the Podgorica High Court opposed to the decision to release Do Kwon and Han Chang-joon.
Contrary to the trial judge, the high court found, among other things, that the bond of over $800,000 was not a solid guarantee. Moreover, the appeal judge was concerned that Do Kwon and Han Chang-joon take advantage of their temporary release to escape.
Do Kwon’s legal saga continues
Unlike Sam Bankman-Fried in the United States, Do Kwon and Han Chang-Joon will remain in prison. The next hearing is scheduled for June 16. The founder of Terra (LUNA) and its CFO were arrested for falsifying documents. Their involvement in the loss of almost $40 billion in the collapse of Terra (LUNA) has attracted a lot of attention. South Korea and the USA are requesting the extradition of Do Kwon and Han Chang-Joon. According to some specialists, Do Kwon faces up to 100 years in US prison.
It’s obvious that Do Kwon is risking a lot. The rejection of his provisional release further reduces his chances of getting away with it. In the blockchain industry, fraud can be fraught with consequences. So be careful and responsible.
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