Montenegrin Court Grants Bail
Terraform Labs co-founder Do Kwon has once again secured bail, this time in Montenegro, after an appeals process initiated by prosecutors was dismissed by a local court on June 2nd.
According to a release from the Basic Court in Podgorica, the State Prosecutor’s Office’s appeal against a previous bail agreement was dismissed. This decision allows Kwon and Terraform Labs’ CFO Han Chang-Joon to continue their wait for further legal procedures under house arrest in Montenegro.
Bail Terms Readopted
In line with the terms agreed in a hearing on May 12, each of them has paid 400,000 euros ($436,000) to be released from custody. Kwon and Chang-Joon will now be under strict bail terms and must not leave the latter’s legal residence in Montenegro.
Local police will closely monitor them. Any breach of residence restrictions or supervision measures will result in the forfeiture of their bail.
Provided Personal and Financial Information
In compliance with local laws, Kwon and Chang-Joon submitted personal and financial information to authorities. This includes proof of property ownership in Montenegro by Chang-Joon, and an invoice for a vehicle and bank account statements provided by Kwon.
Arrests and Passport Verification
Kwon and Chang-Joon were initially apprehended in Montenegro in March 2023 for allegedly using false travel documents to exit the country. Their original passports had previously been confiscated in South Korea in October 2022.
Ongoing Legal Issues Worldwide
Kwon remains a person of interest in several jurisdictions. South Korean authorities are seeking to extradite the Terraform Labs co-founder to investigate his potential involvement in the collapse of the Terra ecosystem, a scandal that erased approximately $40 billion from the cryptocurrency market in June 2022.
Furthermore, Interpol has issued a Red Notice for Kwon in relation to the charges in South Korea, and he is also facing numerous fraud charges in the United States.