Legal Troubles in Montenegro
The saga of Terra co-founder Do Kwon is far from over. Authorities in Montenegro are revving up legal proceedings against Kwon and his former aide, Han Chang-joon, as their lawyers are appealing for bail conditions. Spoiler alert: it’s a wild ride.
Bail Proposal for the Dynamic Duo
On May 11, Kwon’s legal team dropped a proposal that sounds straight out of a crime thriller. They’ve suggested that both Kwon and Chang-joon be placed under house arrest after coughing up a hefty €400,000 (around $436,000) each. Imagine the two of them chilling in a cozy Montenegro apartment, only allowed out to report to the authorities like they’re meeting a rather stern book club. Such a plot twist!
What Happens Next?
While their lawyers are busy crafting this magnificent strategy, the Montenegrin authorities are not having it easy either. Kwon and Chang-joon were initially arrested back in March at Podgorica airport for allegedly rocking some “falsified documents”—think forged passports that would make even James Bond cringe. And, like a classic game of hot potato, both the U.S. and South Korea are rallying to be the ones to get their hands on Kwon.
Charges and Denials: A Legal Tug-of-War
Keep your popcorn ready because the drama doesn’t stop there. Despite mounting accusations, both Kwon and Chang-joon—armed with their lawyers—are firmly denying all charges. On the flip side, prosecutors are raising their voices in opposition to the proposed bail, adding to the courtroom theatrics. Get ready for the criminal trial set to kick off on June 16. Will the verdict be explosive? One can hope!
The Fall of Terra: From Glory to Gloom
The crypto world was rocked when the Terra project faced a disastrous collapse in 2022, dragging down the depegged TerraUSD stablecoin (UST). This wasn’t just Kwon’s day in the spotlight; it sparked a massive market crash that had many investors sweating bullets. And if that wasn’t enough, reports indicate that South Korean authorities have made quite a dent—freezing approximately $176 million worth of Kwon’s personal assets as the drama unfolds.
The Ripple Effect
As the dust settles from this crypto catastrophe, the effects are far-reaching, not just for Kwon and Chang-joon but for the entire crypto community. Sunny Aggarwal from Osmosis Labs succinctly put it: ‘Terra hit us incredibly hard.’ Talk about high stakes!
