Do Kwon Out on Bail Amid Shady $7M Wallet Movements

Terra founder Do Kwon is free again, as Montenegrin law grants $436,400 bail for the crypto globetrotter.

Man's backview in court pleading with one hand up, while the other one holding fingers crossed behind his back.
Created by Kornelija Poderskytė from DailyCoin
  • Do Kwon denies forgery charges in Montenegro. 
  • Terra’s Do Kwon’s defense attorneys seek $436.4K bail.
  • Do Kwon is granted bail, despite being a flight risk.
  • Meanwhile, a wallet linked to Kwon made $7M moves.

The downtrodden crypto entrepreneur Do Kwon denied the document forgery charges along with his business partner and travel companion Han Chang-joon in a Montenegro court hearing on Thursday. Besides, Do Kwon’s lawyers requested the court bail for both defendants be set at 400,000 Euros each, which equals $436,400.

While the notorious Terra Luna founder Do Kwon pleaded not guilty, the wallet associated with Do Kwon made a couple of unexpected moves, according to on-chain data. Interestingly, the wallet holder made multiple transactions totaling $7 million while Do Kwon himself was still behind bars.


These suspicious transfers were spotted by the Seoul-based professor Jaewoo Cho, who has been investigating Terra Luna’s case for more than a year and tracking the wallet’s blockchain movements.

Do Kwon Is Free Again: Montenegro Grants $436,400 Bail

More interestingly, Podgorica court granted Do Kwon and Han Chang-joon the 400,000 Euro bail, which equals $436,400. The pair was asked to comment on their current financial situation by the local judges, to which Do Kwon replied “it’s average.”

On top of that, Montenegro court officials were warned that both Do Kwon and Han Chang-joon are high flight risks. The two entrepreneurs were caught boarding a private jet to Dubai, UAE in the Podgorica airport during the international global chase. 

However, the Crypto Waldo promised the Montenegrin court to be on his best behavior: “I will not hide, I agree to security measures, I will show up when requested.” According to the bail arrangement, it’s most likely that Do Kwon and his colleague will stay on house arrest in one of the defendant lawyer’s girlfriend’s apartments.


Ultimately, the bailout grant comes at a time when TerraForm Labs CEO is wanted by at least two countries – the United States and his homeland South Korea. Whether extradition or repatriation, it’s very likely that Do Kwon could face from 10 to 40 years of imprisonment, according to the latest commentary by the chief of South Korean special task force.

On the Flipside

  • One prosecutor, Haris Šabotić, opposed the decision to grant Do Kwon bail.
  • He explained that Mr. Kwon has “zero interest” in staying in Montenegro.

Why You Should Care

Do Kwon is the founder of TerraForm Labs, the blockchain company that is responsible for the crash of Terra (LUNA) and Terra (UST) in May 2022, causing immutable damage to the crypto industry.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.