On May 12, 2023, a Montenegrin Court approved the bail terms for Do Kwon, the founder of Terra Luna and former CEO of Terraform Labs, who was charged with document forgery, a criminal offense under Montenegrin law.
Do Kwon and Han Chang-joon, the CFO of Terraform Labs, were granted bail by the court at a rate of 400,000 euros ($436,000) each. Instead of being detained, they will be placed under house arrest.
The court ruling specified that if the house arrest is breached, the bail will be classified as a specific section of the court’s operational expenses. The court also declared it essential to authenticate the legitimacy of travel documents and identity cards in their possession that was purportedly issued by Belgian authorities.
Prosecutors have three days to challenge the court’s decision if they are dissatisfied with the bail approval.
Do Kwon and Han Chang-joon were arrested at Podgorica airport in March 2023 while attempting to board a private jet bound for Dubai. They were apprehended for carrying falsified documents. During the trial, Do Kwon pleaded not guilty to the charges and requested release on bail, offering €400,000 ($437,240) each. However, prosecutor Haris Sabotic opposed the proposal, citing the defendants’ significant financial resources and lack of intention to remain in Montenegro.
Do Kwon is wanted by Interpol for his alleged involvement in the $40-billion collapse of the Terra ecosystem in May 2022. His criminal trial in Montenegro is scheduled to commence on June 16. Meanwhile, South Korean authorities have frozen $176 million of Do Kwon’s assets as part of the ongoing criminal proceedings.
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