Terraform Labs co-founder Do Kwon has been released on bail after successful appeal in Montenegro.
According to an official statement from the Podgorica Principal Court, the prosecution’s appeal against the bail agreement made earlier was dismissed, ordering Do Kwon and Terraform Labs finance director Han Chang-Joon to be placed under house arrest pending further legal action.
They Will Pay $436,000 Bail Per Person
The court re-accepted the bail conditions determined at the hearing held on May 12, and decided to pay $436,000 each to release the two from custody.
Do Kwon and Chang-Joon are currently under strict bail conditions and cannot leave their legal residence in Montenegro. The pair will be closely watched by local police, and their bail will be revoked if they leave their place of residence or violate surveillance measures.
Kwon and Chang-Joon provided Joon’s personal and financial information to local authorities, including a sales contract and proof of property registration for an apartment, parking lot, and basement.
Kwon reportedly submitted invoices and bank statements pertaining to a vehicle, while bail terms were set to prevent the defendants from attempting to flee the country. Kwon and Chang-Joon were arrested in Montenegro in March 2023 for allegedly using fake travel documents while trying to leave the country. The couple’s original passports were confiscated in South Korea in October 2022.
The Podgorica Supreme Court said it believed it would take time to verify the authenticity of Belgian passports and identity cards held by the co-founders, while the amount of bail agreed upon was a sufficient guarantee to secure the defendants’ presence.
Do Kwon, who had a red notice from Interpol, faces a series of fraud charges in the US. Besides, South Korea is demanding his extradition to prosecute Do Kwon.
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