Montenegro, the country where Terra (LUNA) founder Do Kwon was captured, once again allowed him to be released on bail. The court overturned the initial bail order exceeding $400,000. On June 3, he once again accepted the bail request of Do Kwon and his partner.
Montenegrin court accepts bail of LUNA founder
On May 12, a Montenegrin court accepted a €400,000 ($436,000) bail from Terraform Labs co-founder Do Kwon. At that time, the court had ordered him to be placed under house arrest in Montenegro pending trial. However, two weeks later, this sanction was abandoned upon the objections of the prosecutors.
On June 3, a primary court in Montenegro once again granted bail from Terraform Labs co-founder Do Kwon and partner Han Chang-joon. While it is unclear why the decision was reversed, the country’s prosecutors will have three days to appeal the decision.
Kwon and Chang-joon tried to fly from Podgorica to Dubai in March with fake Belgian and Costa Rican passports. After that, he was accused of forgery of official documents. They claimed that their passports were genuine in the bilateral hearings.
In addition to this, Kwon is also facing charges in the US and South Korea. In September, South Korea issued an arrest warrant for Kwon for allegedly violating capital market laws. In February, the US regulator SEC filed a civil lawsuit against Kwon for violating registration and anti-fraud regulations for securities and exchange practices.
Montenegrin prosecutors have 3 days to appeal
Montenegrin prosecutor Haris Šabotić had previously challenged the court’s decision to release the founders on bail. According to prosecutors, the amount of bail is not sufficient to protect the accused from the risk of escape. In addition, there are no monitoring measures in the bail conditions.
The primary court gave prosecutors three days to appeal the court’s new decision. Otherwise, the court will release Do Kwon and his partner Han Chang-joon on bail and new terms. Meanwhile, Do Kwon hired the world’s largest law firm Dentons to represent him in the investigation by US prosecutors.
cryptocoin.comAs you follow, Dentons previously represented Do Kwon in a class-action investigation at the Mirror Protocol in 2021 and the Singapore Supreme Court in 2022. In this case, the US regulatory SEC was on the other side. The law firm also represents Terra in other cases.
How about LUNA and LUNC?
Terra Classic’s (LUNC) development team has set a date for the Cosmwasm upgrade v.1.1.0. The upgrade will take place on June 14, according to the project’s L1 team manager announced on Twitter.
Terra originally announced the move from v.0.16.6 (also known as Parity upgrade) earlier this year. Although originally scheduled for a May 31 move, the developer stated that he needed time for testing. Therefore, the new date appeared as June 14.
On the other hand, the price of Terra Luna has reached record highs in the last seven days. LUNA was trading at $1.42 in mid-April. However, the token later witnessed a massive drop in value. It is currently trading at $0.836830, followed by the market-wide decline.
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