Terraform Labs Executives Granted Bail!
Kwon Do-hyeong and Han Chang-joon, key figures at Terraform Labs, were granted house arrest by a Montenegro court over charges of using counterfeit passports, while Kwon is also facing multiple fraud charges tied to the Terra-Luna crypto project's collapse in South Korea and the U.S.
A Montenegro court granted a second bail request on Friday for Kwon Do-hyeong and Han Chang-joon, co-founder and ex-CFO of Terraform Labs, respectively. The two are accused of using counterfeit passports and Kwon is sought on fraud charges in the U.S. and South Korea. The Basic Court in Podgorica ruled for their shift from jail to house arrest, following detailed presentations of their financial situations. Prosecutors can appeal this decision within three days.
Kwon and Han, arrested on March 23 for alleged use of fake passports, deny these charges. Their next trial is set for June 16. Kwon, previously leading the Terra-Luna crypto project until its $40 billion collapse, is under an Interpol Red Notice for detention, following fraud charges by South Korean officials. He also faces charges in the U.S.related to Terra stablecoin and Luna cryptocurrency collapse. Kwon, denying all allegations, admits to mistakes in the Terra-Luna project but refutes any deceptive intent.
