In a developing legal battle, Montenegro prosecutors have appealed against the bail terms of Terra (LUNA) founder Do Kwon. Find out more below.
Montenegro Prosecutors Challenge Terra Founder’s Bail Decision
The State Prosecutor’s Office in Montenegro has recently appealed the bail decision for Terra co-founders Do Kwon and Han Chang Joon. Their bail and house arrest cost $435,000, which is being challenged in the appeal.
For a final judgment, the case files have been sent to the High Court in Podgorica. In March, Kwon was arrested at a Montenegrin airport on suspicion of using a fake Costa Rican passport to try to board a trip to the United Arab Emirates.
Kwon and Chang Joon made bail arrangements earlier this month, agreeing to pay $435,000 apiece in exchange for house detention until their criminal cases were resolved. Aside from deciding to attend court when required, they also said they would be reachable at home.
Prosecutors, however, have voiced concerns that the bail terms may not be adequate to prevent the defendants from attempting to flee Montenegro, arguing that the offered amount fails to guarantee their presence and implying that the defendants have no vested interest in remaining within the country’s jurisdiction.
International Legal Battle Engulfs Terra Executives as Multiple Jurisdictions Pursue Charges
The legal woes for Terraform Labs, the company behind Terra, are far from over as a multi-country pursuit of its executives unfolds. Not limited to Montenegro, authorities in South Korea, Singapore, and the United States have also set their sights on Do Kwon, Han, and other key figures.
The United States Securities and Exchange Commission (SEC) has leveled accusations against Kwon and others, alleging their involvement in trading unregistered securities. Likewise, South Korean prosecutors are eager to bring Kwon to trial on similar charges, intensifying the legal pressure on Terra’s founder.
Challenging the SEC’s jurisdiction, Terra’s legal team has vehemently contested the charges, deeming them baseless. They argue that Terra’s stablecoins should be classified as “currencies,” thereby negating the SEC’s authority over the matter. In a strategic move, the defense has filed a motion seeking the dismissal of the charges.
As this high-stakes legal drama continues to unfold across continents, the industry awaits further developments and the potential implications for the future of Terra and its prominent figures.
The High Court of Podgorica will now consider the appeal and decide whether to uphold or amend the bail restrictions, setting the way for further legal proceedings. The outcome of this appeal will have far-reaching effects on the pending cases against Do Kwon and Han Chang-joon.
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