Terraform Labs co-founder, Do Kwonhas been released on bail in Montenegro after a Montenegrin court on June 2 dismissed an appeal filed by the prosecution.
According to an official statement of the Basic Court of Podgorica, An appeal against a previous bail agreement from the State Attorney’s Office was dismissed, allowing Kwon and Terraform Labs CFO Han Chang-Joon to await further court proceedings under house arrest in the country.
The court resumed the bail conditions initially set at a hearing held on May 12, in which they had to pay 400,000 euros ($436,000) each to be released. Kwon and Chang-Joon are now on strict bail and cannot leave the latter’s legal residence in Montenegro.
Both will be closely watched by local police. If either of the two leaves the residence or fails to comply with the supervision measures, the deposit will be lost.
Kwon and Chang-Joon provided personal and financial information to local authoritieswhich included evidence of a sales contract and ownership registration for an apartment, a parking space and a basement owned by Chang-Joon.
Apparently, Kwon provided a vehicle invoice and bank account statements, and bail conditions were set to discourage defendants from attempting to flee the country.
Kwon and Chang-Joon were detained in Montenegro in March 2023 after allegedly using false travel documents while trying to leave the country.. Both had their original passports confiscated in South Korea in October 2022.
The court noted that verifying the authenticity of the Belgian passports and identity cards held by both would require more time, and stressed that the amount agreed for the bail “is a sufficient guarantee to ensure the presence of the defendants.”
Kwon remains a sought after figure in several jurisdictions. South Korean authorities want to extradite the co-founder of Terraform Labs for investigations into the infamous collapse of the Terra ecosystem, which wiped out some $40 billion of the cryptocurrency market in June 2022.
Interpol also issued a red notice against Kwon in connection with the charges in South Korea, and also faces a series of fraud charges in the United States.
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