Terraform Labs co-founder Do Kwon pleaded not guilty to falsifying travel documents in a court hearing in Montenegro, according to a release dated Thursday. In March, the fallen crypto star and fellow Terra executive Han Chang-joon, who also pleaded not guilty, got arrested by police in Montenegro for entering the country illegally and trying to fly to Dubai using falsified passports. Lawyers for Do Kwon and Han Chang-joon proposed to the court that they be let off on bail of EUR 400K (US$437K) each. The court said it will make a decision on the proposal, with the next main trial date set for June 16. "Instead of detention, the defendant's lawyer suggested that bail and supervision measures be imposed, prohibiting them from leaving the apartment and periodically reporting to a certain state authority," the release said . Do Kwon, who remains in custody, has been accused of running a multibillion-dollar crypto asset securities fraud involving algorithmic stablecoin TerraUSD ( UST-USD ) and sister token luna ( LUNA-USD ) that led to losses of at least $40B in market value, and ultimately accelerated a $2T crypto-market wipeout. More on the Crypto Clampdown SEC sues Terraform Labs and Do Kwon, alleging multibillion crypto fraud scheme (updated) Ex-Coinbase manager ordered to spend two years in prison for insider trading - report
