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- 1 Prosecutors claim that Do Kwon has political connections with Europe, a political party in Montenegro.
- 2 The approval of Do’s second bail agreement will depend on the High Court’s verdict on the lawyers’ appeal.
Most recently, the lower Court of Montenegro has reapproved Do Kwon ‘s bail and the former Chief Financial Officer of Terraform Labs. Soon after, the Court’s court clerk filed an appeal against the Court’s decision in the High Court.
The fugitive boss and his associate will remain in the custody of police till the High Court approves the Lower Court’s decision.
As per a local media outlet, the lower court approved the bail of Do Kwon and Han Chang-Joon, but they were ordered to pay a sum of 400,000 euros. The charges of both the employees of Terraforms Labs are that they were found to be using forged documents and were detained at Podgorica airport.
According to the Court’s statement, the bail approval and rejection updates will be published on the Lower Court of Podgorica website. The bail was approved for the second time before the High Court canceled the bail agreement after the prosecutors appealed.
Some of the prosecutors of Montenegro claim that Do Kwon has close contacts with the political parties based in the region. Although Do has not confirmed the allegations of political connection, prosecutors accuse that the urgent bail of Terraform co-founder might have some political backing.
Mysterious Collapse of LUNA Token
Numerous mysteries in the crypto industry are still unsolved; among these, the LUNA crash and FTX failure should also be considered secret. The disastrous LUNA collapse wiped out thousands of billions from the market.
After the failure of the LUNA token, the market was stirred, and investors’ beliefs were eradicated from this event. 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.
Some leading nations requested officials from several nations to hand over Do Kwon to them as he is facing dozens of charges, including fraud, misleading, and money laundering.
Interpol issued a red alert notice against Do Kwon in the third quarter of 2022. The department also revealed the information about the arrest after he was detained by police officials at Podrica airport. He was trying to leave the country and flee to some new designation to avoid legal proceedings against him.
In the last two days, the crypto market struggled at its verge following the action of the SEC against leading crypto exchanges in the industry. Coinbase is facing a lawsuit for selling unregistered securities in the United States.
A slight decline of 4-5% was seen in the past 48 hours in the crypto market, and some leading tokens, including Bitcoin, Cardano, Dogecoin, and Pepecoin, fell over 5-15% following the SEC move.
Furthermore, disputes between the SEC and CFTC over commodities and securities are not uncommon. It is unclear whether cryptocurrencies such as Bitcoin, Ethereum, and others are commodities or security.
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 pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
