A Montenegro court has accepted a bail payment on behalf of Do Kwon, the disgraced crypto executive behind fallen digital currency firm Terraform Labs. The company established the crumbled algorithmic stable currency known as Terra USD.

Do Kwon is Out on Bail

At the time of writing, Kwon – along with another detained South Korean man believed to have been involved in the project – is out of prison after presenting $435,000 to court officials to ensure he would not have to await his upcoming trial behind bars. He is now confined to a nearby apartment, and he and his associate are not allowed to leave the domicile until the trial has been concluded.

The court has put out the following statement:

They promised… they will not hide until the end of the criminal procedures, that they will regularly answer court summons, and that they will be available [at] the address submitted by their attorney. If the defendants run away or violate the surveillance measure, the bail will fall through and will be added to the special budget for court work.

Kwon was a fugitive for some time after his company completely collapsed and (figuratively) burnt to the ground. Organizations such as the Securities and Exchange Commission (SEC) charged him with fraud, and it wasn’t long before his own country of South Korea issued a warrant for his arrest.

Kwon remained active on social media for a while after the warrant was issued. He said he was not on the run, and that he was willing to cooperate with police authorities in any way possible. He also said he wasn’t going anywhere, and that he was busily coding in his living room, thus practically inviting police to come knock on his door and question him in his company’s failings.

However, the social media activity didn’t last forever, and it wasn’t long before Kwon shut his accounts down and proceeded to make his way across the globe allegedly to hide himself from those who would see him behind bars. His plight didn’t last long, however, as it was in the nation of Montenegro (where he possessed multiple fake passports) that he was finally caught.

A Rug Pull, Perhaps?

At the time of his detainment, authorities in that nation put out the following statement:

Montenegrin police have detained a person suspected of being one of the world’s most wanted fugitives, South Korean citizen Do Kwon, co-founder and CEO of Singapore-based Terraform Labs. The former ‘cryptocurrency king’, who is behind losses of more than 40 billion dollars, was detained at the Podgorica airport with falsified documents, and South Korea, the USA, and Singapore are demanding [his extradition].

Kwon has been accused of initiating a rug pull given he and his fellow executives switched several of their Terra assets out for BTC prior to the collapse.

The post Disgraced Crypto Exec Do Kwon is Out on Bail appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ June 23, 2023 5:00 pm