Terraform Labs Founder to Be Released on $440K Bail (Report)

• Terraform Labs founder Do Kwon has been arrested in Montenegro for traveling on forged documents.
• He and his chief financial officer Han Chang-Joon have pleaded not guilty to the charges of document forgery.
• A bail worth €400,000 was proposed by Kwon and approved by the court, allowing him to be released ahead of trial.

Terraform Labs Founder Arrested in Montenegro

Do Kwon, founder of Terraform Labs, which operated Terra stablecoin and Luna cryptocurrency, was arrested in March in Montenegro for allegedly traveling on a forged passport. His chief financial officer Han Chang-Joon was also arrested.

Court Denies Document Forgery Charges

Both Kwon and Chang-Joon denied the document forgery charges at the Basic Court of Montenegro’s capital Podgorica.

Kwon Proposes €400K for Bail

The defendants‘ lawyers sought their release with a combined bail amount of €400,000 proposed by Kwon himself. The prosecutors objected to the decision but were overruled by the court who allowed Kwon to be released ahead of trial with a set of measures in place.

Trial Date Pending

A trial date is yet to be fixed as investigations into this case are still ongoing.

Terraform Labs

Terraform Labs is an organization that operates Terra stablecoin and Luna cryptocurrency. It has been operational since 2018 and is currently based out of Singapore.