The most controversial figure in the market, Do Kwon, has been granted bail by the Montenegro court, after paying a bail amount of up to 436,000 USD.
Do Kwon was released on bail after posting $436,000 bail
According to local newspaper Pobjeda, Terraform Labs founder Do Kwon will be released on bail pending trial after posting a bond of 400,000 euros, equivalent to 436,000 USD.
Montenegro authorities arrested Do Kwon at Podgorica airport while trying to exit to Dubai with a fake passport. Kwon has been hiding from wanted warrants since the collapse of the Terra ecosystem, wiping out $60 billion in market capitalization in just a few days, shaking the entire crypto industry.
Soon after, the US Department of Justice issued a criminal indictment accusing Do Kwon of fraud related to LUNA-UST. The US Securities and Exchange Commission (SEC) in February also filed a lawsuit against the CEO of Terraform Labs, accusing LUNA-UST of being a security.
This morning, Do Kwon denied the charge of forging a passport and accepted to pay bail to be released on bail, awaiting the next trial on June 16.
This week also marks a year since the collapse of LUNA-UST, bringing with it a dark page in the history of the cryptocurrency market.