Do Kwon Set to be Released- Court Agrees to bail
Surprisingly, the court in Montenegro has agreed to release Do Kwon, co-founder of Terraform Labs, on a €400,000 bond pending his trial.
Pobjeda also confirmed that the court sanctioned Do Kwon’s release on the condition that he post a bond in the amount of €400,000. The prosecution has the right to appeal within the next three days.
As a result of the failures of TerraUSD and Luna, Kwon is also dealing with legal issues in both Korea and the United States.
Meanwhile, a South Korean court issued an arrest warrant for Kwon, stating that he had violated laws pertaining to financial markets. Also, in the US, the Securities and Exchange Commission (SEC) had also brought civil accusations against Kwon.
The SEC accused the executive of failing to provide the general public with complete, fair, and true disclosure as is needed for a variety of crypto asset securities.
While Kwon’s legal team remained tight-lipped about the facts surrounding his release, industry analysts assume that the hefty bond amount shows the severity of the charges that he is up against.
Discussions about the larger consequences of high-profile individuals winning bail in high-stakes legal proceedings have been sparked as a result of the recent news of Kwon’s impending release from custody.
Some believe that if wealthy people can post such a large sum, they may be able to influence the decisions made by the judicial system. However, advocates emphasize that bail is a crucial component of the judicial system because it enables defendants to continue living free lives while they await their trials.
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