Do Kwon's Attorneys Seek $437K Bail and Deny Falsified Travel Documents Charges in Montenegro
In March, the founder of Terra was arrested by Montenegrin authorities on charges of attempting to travel with forged documents.
Because Bitcoin
May 11, 2023
Bitcoin.com reported that a Seoul court approved the seizure of $176 million in assets belonging to Do Kwon, co-founder of Terraform Labs, including bank accounts, cryptocurrencies, automobiles, and real estate properties. Kwon's assets have been frozen after reports emerged of $100 million held in a Swiss bank account.
The court directive also prohibits the sale of shares held with Mirae Asset Securities, won stored in Woori Bank, and unnamed exchange-held cryptocurrencies. Terraform Labs employees, including Daniel Shin, have been indicted on fraud and Capital Markets Act violation charges. A transfer of 1.8 million CVX tokens worth $8.7 million occurred on the one-year anniversary of the Terra ecosystem's collapse.
Montenegro law enforcement officials arrested Do Kwon and his accomplice Han Chang-Joon while they were attempting to board a private jet bound for Dubai. Kwon is now facing extradition requests from both U.S. and South Korean authorities.
Do Kwon's Attorneys Seek $437K Bail
CoinDesk reported that Terraform Labs founder Do Kwon, who is facing charges in Montenegro for attempting to travel with falsified documents, has had his attorneys propose supervised bail instead of detention. The lawyers suggested that bail and supervision measures be imposed, prohibiting them from leaving the apartment and periodically reporting to a certain state authority.
The proposed bail amount is 400,000 euros ($437,000) each. Kwon and his accomplice Han Chang-Joon remain in custody and deny committing a crime. The next trial date is set for June 16.
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