Terra Founder Do Kwon Denied Bail, Remains Jailed Amid Fraud Charges

Do Kwon, founder of the failed Terra stablecoin, was denied release on bail while awaiting trial in Montenegro for attempting to leave the country with fake passports.
Kwon faces serious criminal charges related to Terra's collapse in South Korea and the US that led to $40 billion in losses.
Kwon and his former CFO plead not guilty to charges in Montenegro, though it's unclear if Kwon will be extradited to South Korea or the US.
Former Terra executives and employees also face charges in South Korea for their role in the stablecoin's failure.
Terra's meltdown earlier this year shook the crypto industry and led to calls for more regulation of digital assets.