Do Kwon and Han Chang’s lawyer informed local media outlets of Montenegro that Terraform Labs co-founder and one of his associates would be released on bail but on revised bail conditions.
Earlier this month, Montenegro’s lower/basic court approved the bail of Do Kwon and Han Chang-joon. The bail order suggests that both of them must pay the court 400,000 euro as the bail amount.
A few days after the lower court’s judgment, prosecutors applied against the verdict in the Higher court to overturn the decision and cancel the bail. Do and Han Chang were arrested at Podgorica airport, and Interpol revealed their arrest information.
As per court filings, Kwon and his associates were trying to flee from Montenegro using fake passports, including two passports, driving licenses, and other forged documents were recovered from them.
Dozens of attorneys from the USA, Singapore, and other countries claim that Kwon was aware that LUNA would crash in weeks, so he transferred a sizable amount of money to a law firm.
Due to allegations against Do and another executive, the governments of the United States, South Korea, and Singapore asked Montenegro to turn them over. Interpol issued a red alert against Do Kwon last year.
The law firm had $314.2 Million in illegal holdings that were either directly or indirectly connected to the co-founder of Terraform Labs and several staff members. About $69 Million of the $314.2 Million was directly related to Kwon.
The media source reveals that the prosecutor of Kim & Chang visited Montenegro to meet Kwon after his arrest by the police administration. Reports also indicate that the prosecutor also talked with the former Chief Financial Officer of Terra Labs.
The act of sending money just before the business went under proves that Kwon was aware that his foundation was about to perish and that its end was imminent (within two to three days). The co-founder claims to have given the money to the law office to handle any potential legal issues that might arise after the business failed.
Who is Behind Terraform Labs Demise?
Do was holding more than 90% of the company ownership and financial claims, aware of the collapse of his LUNA token. Terraforms Majorly founded Daniel Shin and Do Kwon.
Daniel Shin also owns Chai Corporation; the company was accused of sharing the personal information of its users to influence them to purchase LUNA and some other native of Terraforms Labs.
At press time, Bitcoin was trading at $27,224.81 with 24-hour trading volume of $27,224.81.
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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
Source: https://www.thecoinrepublic.com/2023/06/04/do-kwon-and-han-chang-bail-confirmed-will-be-released-soon/