Terra Founder Do Kwon and CFO’s Bail Revoked, Next Hearing Looms
- Do Kwon denied any intention to deceive investors.
- The suspense deepens as Terra-Luna’s CEO awaits a June 16 hearing.
In a shocking twist to the Terra-Luna saga, the high court of Montenegro’s capital city has dealt a heavy blow to the embattled CEO of Terraform Labs, Do Kwon, and his former CFO, Han Chang-joon. According to Laura Shin, host of the Unchained Podcast, their bail has been revoked, leaving the cryptocurrency community in suspense.
The duo’s ill-fated journey began when they were apprehended at Podgorica airport on March 23. Authorities alleged that they had attempted to flee the country using forged travel documents. Kwon, already under the scrutiny of Interpol, found himself at the center of a global legal storm.
Initially, the duo’s hopes were raised as the local court granted the defendants’ bail request on May 12, allowing them a glimmer of freedom. However, Montenegrin prosecutors swiftly filed an appeal, leading to the dramatic reversal of fortune. Kwon and Han remain confined to their jail cells, awaiting their next hearing on June 16.
The fallout from Terra-Luna’s catastrophic collapse in May 2022, erasing a staggering $40 billion in market capitalization, continues reverberating globally. Kwon, now a wanted man in the United States and South Korea, is accused of fraud, securities law violations, and other charges relating to the project’s downfall.
While Kwon admits that mistakes were made within the Terra-Luna venture, he vehemently denies any intention to deceive investors. With the weight of legal systems and public opinion bearing down on him, his future hangs in the balance.
As the cryptocurrency community holds its breath, the Terra-Luna drama adds yet another chapter to the ever-evolving narrative surrounding the complexities of the crypto world. With the fate of Kwon and Han resting on the outcome of their legal battles, the crypto community waits with bated breath for the next twist in this riveting tale.