Do Kwon's Bail Terms Highly Opposed by Attorney in Montenegro

Prosecutors in Montenegro strongly opposed the decision to grant bail to the co-founder of collapsed LUNA token. Earlier this week, the court released Do Kwon on $440,000 bail.

Earlier on March 23, 2023, Kwon was detained by the Montenegrin police officials at Podgorica airport. He was charged for using forged documents, including passports and driving licenses.

The Interpol department confirmed the information about detaining the TerraUSD co-founder. More than five nations were constantly working hard to trace Do, but multiple times he succeeded in flying from one country to another.

According to recent information from numerous media outlets, district lawyers of Podgorica Montenegro had appealed against the court’s decision to release Do Kwon and his associate on bail.

It is important to note that both the TerraUSD founder and associate need to pay $440,000 individually to the court to fulfill the bail agreement. Some viral rumors state that Do and Chang-Joon might shift to an apartment owned by a local lawyer.

Repercussions of Do Kwon’s Bail

It is easy to assume that the bail of Kwon will give birth to hundreds of discussions in the crypto market. After the unprecedented failure of TerraUSD, Kwon was on the radar of financial authorities globally.

As per a leading crypto lawyer, Kwon may face 40 years of jail if found guilty in Asian countries, and the punishment may be more severe, varying the charges and documents presented in the court.

Most recently, the US Securities and Exchange Commission (SEC) has been granted permission to access Luna Foundation Guard records held in the Monetary Authority of Singapore (MAS) custody. The regulators claim that incepting the records might hint at Do’s involvement in Luna Collapse.

Terra’s Funding and Investments

Data from Crunchbase states that Terra raised $58 million in 17 funding rounds, which were majorly backed by 50 leading investors and lenders of the crypto industry. Some major investors are Galaxy Digital, LuneX Ventures, Haskey, Kakao Ventures, and To Kenz Capital, among numerous others.

The company has invested in more than 20 crypto and traditional industry companies. Terra has majorly invested in Flipside Crypto, Leap Wallet, Hex Trust, Ramper, Burnt Finance, Stader Labs, Qredo, and many others are in the list.

In April 2023, several prosecutors of South Korea accused the co-founder of Terraform Labs was already aware that his firm would collapse, so he transferred billions of dollars to a law firm based in his native country.

On April 19 2022 CoinAlpha.Inc raised $50 million in a Series-A funding round, which Terra majorly led. While writing this article cryptocurrency leader Bitcoin was trading at $27,326.28 with 24-hour trading volume of $14,013,728,842.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing