The founder of Terra and his associate will be presented at the montenegrin justice next month. They will remain in detention until their trial.
The Department of Justice of Montenegro announced Friday to extend the detention of Do Kwon and Hon Chang Joonthe financial director of Terraform, because there was a ” risk of evasion “.
The criminal chamber of the court considered the reasons for the continued detention and found it necessary to extend it for both defendants. The council is aware that there is still a risk of escape, given the fact that they are foreign citizens, who reside in Montenegro only temporarily,” the statement read.
Accused of forging identity documents (passports), the two men were arrested at Podgorica airport in late March.
Their trial is set for Thursday 11 May 2023according to the announcement.
Do Kwonfigure of the late Terra empire, is also facing various charges, including fraud, at United States and in South KoreaBoth countries are currently seeking his extradition.
Earlier this month, South Korean authorities confirmed a report that the former crypto mogul paid $7 million to his law firm before the implosion of stablecoin UST and the cryptocurrency LUNA.
Several tens of billions of dollars went up in smoke following the crash of the ecosystem Terra last year, which subsequently triggered major bankruptcies, including that of the hedge fund 3AC.
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