Do Kwon, co-founder of Terraform Labs, has been released on bail from a Montenegrin jail, where he was being held in the case of forgery of travel documents. Supervised bail is set at €400,000 ($436,000) and Kwon is expected to await trial under house arrest.
This decision follows an application submitted by Kwon’s lawyers, which was accepted by the Podgorica Basic Court on May 12. Accompanying Kwon, former Terraform CFO Chang-joon Han has also been released on similar bail. Both must comply with strict conditions of house arrest.
Release on bail for Do Kwon and Chang-joon Han.
The Podgorica Basic Court has decided to grant bail to Do Kwon, co-founder of Terraform Labs, and Chang-joon Han, the company’s former CFO. The supervised bail of €400,000 ($436,000) will allow both to await their trial under house arrest in Montenegro.
With this decision, the court seeks to ensure that Kwon and Han do not leave the country or violate the conditions imposed during their release. According to the official announcement, if house arrest is breached, the bail will be used to cover related legal expenses.
Background to the case and Kwon’s legal problems.
Do Kwon and Chang-joon Han’s arrest took place in March, when they were arrested by Montenegrin police at Podgorica airport while trying to board a flight to Dubai. They were accused of possessing false passports from Belgium and Costa Rica, in addition to having at least one genuine passport from South Korea.
Although they were initially denied bail, the court’s recent decision will allow them to await their trial under house arrest. However, once the counterfeiting charges in Montenegro are resolved, Kwon could face extradition to the United States or South Korea, where he is accused of playing a role in the crash of the Luna token and TerraUSD (UST) stablecoin.
The confiscation of Kwon’s assets in South Korea.
South Korean authorities have carried out the seizure of Do Kwon’s personal assets, which are valued at $176 million. This measure includes imported vehicles, bank deposits, cryptocurrencies on an exchange platform, and an apartment complex in Seoul.
These events highlight the seriousness of the legal problems Kwon faces in multiple jurisdictions, and the release on bail in Montenegro is just one more step in his legal process.
To end.
The decision to grant Do Kwon and Chang-joon Han bail in Montenegro marks a turning point in the complicated legal landscape they find themselves. Although they will be able to await the trial under house arrest, the charges and accusations against them are still valid.
Kwon’s involvement in the crash of the Luna token and the TerraUSD stablecoin has had a significant impact on the cryptocurrency industry, generating economic fallout and triggering a series of high-profile bankruptcies.
