Terraform Labs chief government officer Kwon Do-hyeong and chief monetary officer Han Chang-joon denied costs of making an attempt to journey with pretend journey paperwork throughout a court docket listening to Thursday in Montenegro. Their attorneys requested bail, which the court docket will determine at a later date, in response to a press release by the Basic Court of Podgorica.
See associated article: From billionaire to Montenegro jail: The rapid rise and fall of Terra chief Do Kwon
- Attorneys for Kwon and Han proposed that they be given bail at 400,000 euros (US$437,000) each, to which the local court said it will decide “within the legal term.”
- The next hearing for the two South Korean nationals is expected to take place on June 16.
- Kwon was arrested at Podgorica airport of Montenegro on March 23 together with Han, and the Montenegrin court docket announced the indictment of the 2 on April 21.
- Terraform’s algorithmic stablecoin and cryptocurrency undertaking Terra-Luna crashed in Might 2022, blowing away over US$40 billion in market capitalization. Kwon is needed within the U.S. and South Korea the place prosecutors accuse him of fraud, securities law violations and several other different costs associated to the collapse.
- Dan Sung-han, the director of Seoul Southern District’s joint monetary crimes staff, told The Wall Avenue Journal final week that Kwon might face over 40 years in jail if he’s extradited to South Korea and convicted on the costs. That will be the longest sentence ever given for a monetary crime within the nation, he mentioned.
- Kwon has repeatedly denied all of the allegations towards him, sustaining that errors had been made within the Terra-Luna crypto undertaking managed by his Terraform Labs, however there was no intent to deceive buyers. Kwon additionally claimed that costs towards him in South Korea are politically motivated.
- In the meantime, South Korean prosecutors indicted Terraform Labs co-founder Shin Hyun-seung, or Daniel Shin, and 9 different Terraform associates on April 25 for participating within the alleged monetary fraud surrounding the collapsed Terra-Luna crypto undertaking.
- A Seoul court docket set a trial for Shin on May 26.
See associated article: Prosecutor says Terra-Luna fugitive Do Kwon should face trial in South Korea: WSJ