Terra co-founder Do Kwon's bail is now in doubt following an appeal by the state attorney's office. Kwon remains wanted in South Korea for extradition and faces criminal charges in the United States.
On May 17, the State Prosecutor's Office in the Montenegrin capital of Podgorica appealed the court's previous decision to grant rights and bail of 400,000 euros ($436,000) each for Han Changjun.
A bail agreement was reached on May 12, with the court agreeing to place Do Kwon under house arrest rather than detention. It took just one day for the court to rule on Daoquan's proposal. If house arrest is compromised, bail money will be included in a "special part" of the court's work budget, according to the document. Kwon and Chang-Joon were arrested by Montenegro authorities in March 2023 at Podgorica airport on suspicion of using false documents. Earlier, their passports were confused in South Korea. In 2022, the Terra ecosystem created by Kwon and Terraform Labs collapsed with the decoupling of its native TerraUSD (UST) stablecoin, wiping an estimated $40 billion in market cap in a matter of days.
Kwon still has more than 233.3 billion won ($176 million) of personal assets frozen as part of ongoing criminal proceedings. South Korean prosecutors are seeking his extradition, and US prosecutors have charged him with eight separate counts, including commodit ies fraud, securities fraud, Wire Fraud and conspiracy to defraud and participate in market manipulation.
