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Do Kwon’s Release on Bail a Second Time Prompts Wild Speculation

Do Kwon’s Release on Bail a Second Time Prompts Wild Speculation

Do Kwon manages to avoid jail for the time being, but faces a hearing on June 16. Theories in the online realm link his bail to nearly simultaneous SEC charges against Binance, but the rumors seem farfetched. The collapse of Terra/Luna last year caused a $45 billion market capitalization loss in a week.

Do Kwon has reportedly won release again, with bail set at 400,000 euros. A Montenegrin court granted him bail until his next hearing on June 16. The developments set off a flurry of fevered online commentary. Speculation and online theories go so far as to link Kwon’s bail to the SEC’s new charges against Binance. But such rumors lack credibility.

The former fugitive’s legal saga has taken many twists and turns. This marks the second time in as many weeks that we’ve heard the news.

Do Kwon Gets a Break

On May 24, the Higher Court in Podgorica canceled the initial decision of a lower court that accepted a bail of 400,000 euros ($468,000) each for the two defendants, Do Kwon and Han Chang-joon. The latter is Kwon’s former chief financial officer.

Now the authorities have reached a new decision, allowing the same bail amount and ordering the defendants to stay inside an apartment with police monitoring. If the duo break the rules or try to escape, they will lose the bail money. The unsatisfied party can appeal the decision within three days.

The court granted Kwon bail until his next hearing on June 16.

However, while Kwon may temporarily be resting easy, the founder of Terraform Labs is still a divisive figure. Online critics were quick to weigh in. One furious Twitter commentator compared the South Korean to another crypto platform founder with legal woes, Sam Bankman-Fried.

“They are scammers and usurpers who have not yet been prosecuted,” the commentator said. “And CZ is currently the CEO of the largest and most prestigious exchange, constantly being sued by FUD. Damn these bugs.”

Some might view the developments as just the latest stages in a tedious legal drama. However, It wouldn’t be crypto without some conspiracy theorizing. Another Twitter user tried to link Kwon’s bail with the SEC’s announcement Monday of 13 charges against Binance.

“Do Kwon gets bail for 2nd time. SEC vs Binance drops. Quite the coincidence right?” the tweet stated.

In fact, in online commentary, linking the two events became a mini theme of its own. One incensed writer appeared to speculate that “deals” were behind the granting of bail.

Such theories do not address the fact that Kwon still faces charges of passport fraud in Montenegro. He is also wanted in the United States and South Korea on serious charges, including multi-billion dollar crypto asset fraud.

Following Monday’s bombshell revelations from the SEC, another Twitter warrior found it amusing that “CZ bout to be bunking with Do Kwon.” (If CZ were to end up in jail—and it’s a big if—it would be many months away. Possibly even years.)

Do Kwon went missing shortly after the collapse of Terra/Luna in May 2022. The implosion led to a staggering $45 billion loss in market capitalization in just one week.


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