Bitcoin Bandits: When ‘Staycation’ Takes A Whole New Meaning

Former Terraform Labs CEO Do Kwon and his ex-CFO Han Chong-joon made bail today. 😡

Despite their fugitive status, the Montenegrin court has provisionally set them free on bail, amounting to roughly $436,000. However, the court’s ruling comes with the condition that the pair, who claimed substantial South Korean real estate holdings to back their bail payment, stay in a specified local apartment.

However, Montenegrin prosecutors are skeptical, labeling Kwon and Chong-Joon as clear flight risks with no intention of sticking around. They now have a three-day window to contest the court’s decision.

It’s worth noting that the bail sum is likely a small fraction of the duo’s total wealth, given that the U.S. SEC alleges Kwon is hiding thousands of $BTC, currently worth over $200 million, in a Swiss bank account. 

The pair were caught in March allegedly attempting to flee to Dubai using fake Costa Rican and Belgian passports. Kwon is sought by both the U.S. and South Korea for charges related to last year’s $40 billion crypto debacle. As the trial concludes, Montenegrin authorities may hand Kwon over to international police. 

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