Do Kwon, the co-founder of Terraform Labs, is set for release from Spuž prison in Montenegro, with strict conditions preventing his departure from the country. Following a court order, Kwon’s passport was confiscated, a measure aimed at ensuring he stayed within Montenegrin jurisdiction. This development is part of the ongoing legal proceedings against Kwon, who faces charges in multiple countries related to his role in the cryptocurrency market.

Montenegro’s High Court made the decision to release Kwon but restrict his movement, citing the need to keep him accessible for legal actions. Kwon’s legal troubles stem from the 2022 collapse of Terraform Labs’ digital currencies, Terra and Luna, which resulted in over $40 billion in market value disappearing almost overnight. This financial debacle has led to investigations by both South Korean and U.S. authorities, who accuse Kwon of fraud and securities law violations.

Prosecutors in Montenegro have shown a preference for Kwon to be extradited to the United States, where he could face more severe penalties if convicted. This position highlights the international efforts to hold Kwon accountable for the significant financial losses incurred by investors.

Kwon’s arrest in Montenegro came about due to the use of counterfeit travel documents, an offense that led to his detainment and the subsequent legal actions. His case continues to unfold, with implications for regulatory oversight and legal accountability in the cryptocurrency sector.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed