• Home
  • Live Crypto Price
  • Contact
No Result
View All Result
  • Home
  • Live Crypto Price
  • Contact
No Result
View All Result
No Result
View All Result
Home Cryptocurrency

Do Kwon to Be Released on €400,000 Bail, Pleads Not Guilty in Montenegro – Bitcoin News

Lubomir Tassev by Lubomir Tassev
May 12, 2023
in Cryptocurrency
0 0
0
Do Kwon to Be Released on €400,000 Bail, Pleads Not Guilty in Montenegro – Bitcoin News
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Terraform founder Do Kwon will be released from jail but placed under police surveillance at a local residence, a Montenegrin court has decided. The trial against him and another Korean, on charges of travelling on false documents, opened on Thursday with both pleading not guilty.

Court Grants Bail Request for Do Kwon, Puts Him Under House Detention

A first instance court in Podgorica has agreed to release the founder and former chief executive of failed blockchain firm Terraform Labs, Do Kwon, and another South Korean citizen on bail, local and foreign media reported. They are charged with attempting to use forged personal documents in the small Balkan nation.

Do Kwon, or Kwon Do-Hyung as is his full name, was arrested by Montenegrin authorities on March 23 while trying to board a flight for Dubai on a Costa Rican passport. He was detained together with a companion identified by his surname, Han. Previous reports have suggested that is the company’s Chief Financial Officer, Han Chang-joon.

On Friday, the court accepted 400,000 euros ($435,000) in bail for each of the two suspects, pending the outcome of their trial which started a day earlier, the Associated Press and the Vijesti news portal informed. However, they will not be allowed to leave their apartment which will be guarded by the Montenegrin police.

“They promised … they will not hide until the end of the criminal procedures, that they will regularly answer court summons and that they will be available at the address submitted by their attorney,” the court said. “If the defendants run away or violate the surveillance measure, the bail will fall through,” the statement added.

South Koreans Plead Not Guilty of Charges in Montenegro

The accused South Korean natives have pleaded not guilty to the charges pressed against them by Montenegrin prosecutors. Authorities in both Seoul and the U.S. are seeking the extradition of Do Kwon in connection with the $40 billion crash of the Terraform ecosystem’s cryptocurrency luna and stablecoin terrausd. It has been estimated that around 200,000 people bought the coins and suffered heavy losses when their value evaporated.

Kwon disappeared after departing for Singapore in April 2022, right before the collapse of the two digital currencies, and was wanted on a red notice from Interpol for alleged fraud and financial crimes. He then fled to Serbia, where he reportedly registered a new firm, before eventually ending up in neighboring Montenegro, where he can be sentenced to up to five years in prison.

In late March, Do Kwon’s Montenegrin lawyer was quoted as saying that the crypto entrepreneur would have to first stand trial in the country for traveling on fake documents before he is extradited. The fugitive may also have to serve prison time there before he is handed over to any other jurisdiction, Montenegro’s justice minister indicated.

Earlier on Friday, South Korean media reported that Kwon has refused to declare his assets, when he was asked how he planned to pay the bail during the hearing in Podgorica. According to the public broadcaster KBS, he told the court that his wife will make the payment, explaining that the two of them own a $3-million apartment in South Korea. Kwon is widely suspected of having stashed large amounts of money from the alleged crypto fraud, the report noted.

Tags in this story
Bail, ceo, chief executive, collapse, Court, Crash, Crypto, Cryptocurrency, do kwon, founder, Fraud, LUNA, Montenegro, Podgorica, Release, Stablecoin, Terraform, terraform labs, TerraUSD, Trial

Do you think Do Kwon will attempt to escape justice in Montenegro and avoid extradition? Share your thoughts on the case in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.




Image Credits: Shutterstock, Pixabay, Wiki Commons, Luka Zeković / Vijesti

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It





Source link

Previous Post

SEC Slammed By U.S. Chamber Of Commerce For Regulatory Approach To Cryptocurrencies In Coinbase Filing

Next Post

The 2024 Presidential Election Could Make Or Break Bitcoin In The U.S.

Lubomir Tassev

Lubomir Tassev

Next Post
The Latest Banking Crisis Is Why I Save In Bitcoin

The 2024 Presidential Election Could Make Or Break Bitcoin In The U.S.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Pantera Capital CEO: Bitcoin (BTC) Could Hit $115k after Halving

Pantera Capital CEO: Bitcoin (BTC) Could Hit $115k after Halving

May 5, 2022
BOLT12, LNURL And Bitcoin Lightning

BOLT12, LNURL And Bitcoin Lightning

June 20, 2022
Jack Dorsey Muses on Social Media ‘Takeover,’ Ethereum Weaknesses; Plus the Latest in Crypto Mining — Bitcoin.com News Week in Review – The Weekly Bitcoin News

Jack Dorsey Muses on Social Media ‘Takeover,’ Ethereum Weaknesses; Plus the Latest in Crypto Mining — Bitcoin.com News Week in Review – The Weekly Bitcoin News

April 24, 2022
Luna Foundation Acquires An Additional 37.8k Bitcoin Worth $1.5B, Bringing its Total Holdings to 80,394 BTC

Luna Foundation Acquires An Additional 37.8k Bitcoin Worth $1.5B, Bringing its Total Holdings to 80,394 BTC

May 6, 2022
Bitcoin Is Our Weapon In The War Of Ideas

Bitcoin Is Our Weapon In The War Of Ideas

0
Allianz Chief Economic Advisor Predicts Bitcoin Going Higher Amid Inflation

Allianz Chief Economic Advisor Predicts Bitcoin Going Higher Amid Inflation

0
Insurance Considerations For Bitcoin Miners

Insurance Considerations For Bitcoin Miners

0
Becoming A Sovereign Individual With Bitcoin

Becoming A Sovereign Individual With Bitcoin

0
How My Bitcoin Mining Firm Is Surviving Crypto Winter, Again

How My Bitcoin Mining Firm Is Surviving Crypto Winter, Again

June 7, 2023
Zion Social Network Embraces Bitcoin Payments Via Lightning Network For Instant Transactions Through Secure Messaging

Zion Social Network Embraces Bitcoin Payments Via Lightning Network For Instant Transactions Through Secure Messaging

June 6, 2023
Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

June 5, 2023
Fidelity Investments Has Opened Bitcoin Trading To The Public During Ongoing Banking Crisis

Three Reasons Behind Bitcoin's 2023 Resurgence

June 4, 2023

Recommended

How My Bitcoin Mining Firm Is Surviving Crypto Winter, Again

How My Bitcoin Mining Firm Is Surviving Crypto Winter, Again

June 7, 2023
Zion Social Network Embraces Bitcoin Payments Via Lightning Network For Instant Transactions Through Secure Messaging

Zion Social Network Embraces Bitcoin Payments Via Lightning Network For Instant Transactions Through Secure Messaging

June 6, 2023
Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

June 5, 2023
Fidelity Investments Has Opened Bitcoin Trading To The Public During Ongoing Banking Crisis

Three Reasons Behind Bitcoin's 2023 Resurgence

June 4, 2023

About Us

We bring you the latest bitcoin news from all over the internet

Categories

  • Cryptocurrency
  • Latest
No Result
View All Result
  • Home
  • Live Crypto Price
  • Contact

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In