Do Kwon ‘Cashed Out’ $2.8M in Crypto Before Montenegro Bail Release
• Do Kwon, CEO of Terraform Labs, was released on bail in Montenegro after reportedly “cashing out” $2.8 million worth of crypto from a wallet believed to be his.
• He and another executive were charged with possession of fake travel documents and attempting to travel with counterfeit papers.
• South Korean prosecutors are hoping to convince Montenegrin officials to deport Kwon back home to face fraud charges.
Arrest of Do Kwon
Do Kwon, the Co-founder and CEO of Terraform Labs, was arrested in Montenegro after reportedly “cashing out” $2.8 million worth of cryptocurrency from a wallet widely believed to be his own. He and fellow Terraform executive Han Chong-joon were charged with possession of fake travel documents and attempting to travel with counterfeit papers.
Release on Bail
Kwon’s legal team applied for bail and were released for a sum of around $436,000. The court asked for more time to study the travel documents, but eventually allowed them both to leave prison and stay under house arrest on conditional bail; they must not leave the apartment where they are staying and attend court hearings as requested.
South Korean Prosecutors
South Korean prosecutors consider all of Kwon’s funds to be the proceeds of crime, although they have failed so far freeze all his crypto funds due some coins being held in anonymous wallets that courts cannot prove belong him. Seoul is hopeful that they can convince Montenegrin officials to deport Kwon back home so he can face fraud charges in his native country.
Charges Elsewhere
Courts in the United States and Singapore also want Kwon to face trial for selling unregistered securities without permission from respective authorities there.
Conclusion
In conclusion, Do Kwan has been released on bail by a Podgorica court while awaiting trial on a charge of using a forged Costa Rican passport during an attempt to leave the Balkan country. South Korea prosecutors hope that they can convince Montenegrin officials into deporting him back home so he can face fraud charges there as well as other countries interested in taking action against him for allegedly selling unregistered securities without permission from respective authorities there.