This week it was exactly one year ago that the crypto market turned dark red after the Terra (LUNA) ecosystem went down dramatically. The algorithmic stablecoin TerraUSD (UST) lost its peg to the US dollar and imploded the entire ecosystem. The debacle has led to huge losses for investors and, in a sense, set off a chain reaction of bankruptcies. In March, the infamous founder of the Terra network, Do Kwon, was arrested in Montenegro and since then the crypto news has continued to fill with developments in this case.
Bail and house arrest for Terra founder
In fact, Do Kwon was arrested on March 23 at an airport in Montenegro after trying to leave the country with forged papers. Multiple charges of fraud hang over his head in the United States, South Korea and Singapore.
Both the US and his home country of South Korea are eager to prosecute him, but it is not yet certain to which country he will be extradited. In all likelihood, this will become clear soon.
A few weeks ago you could also read that Do Kwon has also been charged in Montenegro for counterfeiting. Meanwhile, Do Kwon and Han Chang-Joon, the chief finance officer of Terraform Labs, released on bail in the Eastern European country.
On May 12, the local authority has an official document released stating that the proposed bail offer for Do Kwon and Chang-Joon of 400,000 euros ($436,000 each) has been accepted by the court, along with house arrest. The bail will be included in a special section of the court’s budget in case the house arrest is violated.
$176 million in assets frozen
In the most recent news about the Terra founder, you could read that Do Kwon for $ 176 million in personal asset had to hand in to the South Korean government. Judge Yun Chan-Young also ordered that Do Kwon is prohibited from selling his assets, including a luxury apartment, several imported cars and much more.
