Do Kwon Faces 6 Months of Jail Time Despite Paying $437K for Bail
- Do Kwon, the founder of Terraform Labs, is facing six months in jail despite paying $437K for bail.
- He and Chong-joon have been jailed in Spuž, due to something called “extradition detention.”
- While the two are in detention, the higher court will process the extradition requests from the US and South Korea.
- The two have been in Montenegrin jail for close to six months.
In a recent turn of events, the founder of the Terra ecosystem, which collapsed in 2022, wiping off billions from the crypto industry and pushing many investors to the point of bankruptcy, Do Kwon, has once again been put behind bars in Montenegro despite Terraform Labs chief financial officer Han Chong-joon and him paying 400,000 euros ($437,000) in bail per person.
As per reports, Do Kwon will be put behind bars for six months in Montenegro while the judges decide on the extradition requests for the crypto entrepreneur from the United States or South Korea. It is important to note that the US has requested the extradition of only the creator of Terraform Labs, whereas the South Korean authorities want both the entrepreneur and his accomplice.
Interestingly, a higher court in Podgorica stated that it would grant bail to Do Kwon and Chong-joon for 400,000 euros per person, but now, the mixed legal actions taken by authorities in Montenegro have pushed the two once again into jail. The two will stay in prison in Spuž, north of the capital Podgorica, as the higher court processes the extradition requests from the US and South Korean authorities.
“I heard news today from the media and I will not comment on someone else’s actions. This news is invaluable because nothing is changed, they stay in jail,” Goran Rodić, new lawyer representing Do Kwon and Han Chang-joon in both cases, said.
The pair was arrested around six months ago when they were trying to enter the country using falsified identities. The sentence for the same is around 2–3 years in jail. Do Kwon was on the run from Interpol for around six months and ended up hiding in Serbia. The entrepreneur and Chang-joon created a company in Belgrade and purchased an apartment for over 2 million euros ($2.19 million), which has been seized.
As reported earlier by Bitnation, the Montenegrin jail conditions are very poor, and the founder of the Terra ecosystem is in for a hard time. A lawyer said that the rooms in the prisons are “8 meters squared and very crowded,” and around 10 to 11 people are living together in a room.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
