On June 2, a Montenegrin court dismissed an appeal by prosecutors and granted bail to Do Kwon, co-founder of Terraform Labs. The court’s decision allows Kwon and Terraform Labs’ chief financial officer Han Chang-Joon to await further legal proceedings under house arrest in Montenegro.
The court reinstated the bail terms originally set on May 12, requiring Kwon and Chang-Joon to pay 400,000 euros ($436,000) each for their release. They are now under strict bail conditions and must remain at Chang-Joon’s legal residence in Montenegro. Local police will closely monitor their movements, and any violation of the supervision measures or leaving the residence will result in the forfeiture of bail.
To secure their bail, Kwon and Chang-Joon provided personal and financial information to local authorities, including evidence of property ownership and financial assets. The bail terms aim to discourage them from attempting to flee the country.
Kwon and Chang-Joon were arrested in Montenegro in March 2023 for allegedly using false travel documents when attempting to leave the country. Their original passports were confiscated in South Korea in October 2022. While the authenticity of their Belgian passports and identity cards is still being verified, the court stated that the agreed bail amount is sufficient to ensure their presence.
Kwon is wanted by South Korean authorities for investigations into the collapse of the Terra ecosystem, which caused significant losses in the cryptocurrency market in June 2022. Interpol has also issued a Red Notice for Kwon, and he faces fraud charges in the United States.
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