Do Kwon’s lawyers, the authorities offered $436,000 bail for the hearing in June.
As Do Kwon’s judicial process continues, his lawyers are seeking bail. Lawyers offered $436,000 bail for the hearing in June.
Bail Offer From Do Kwon’s Lawyers
Terra’s co-founder Do Kwon and former deputy Han Chang-joon are facing prison terms for using forged documents in Montenegro. However, the lawyers of the duo announced that their clients could be released on bail.
In their statements, the lawyers said that they could be confined to an apartment with the “obligation to periodically report to the state authority”. The lawyers suggested that they be placed under house arrest after each providing 400,000 euros on bail.
However, Kwon and Chang-joon denied the charges, and prosecutors objected to the proposed bail conditions. The criminal trial is expected to begin on June 16. The collapse of Terra and the depeg of the TerraUSD stablecoin was one of the previous disasters that triggered a massive crypto market crash in 2022. South Korean authorities alleged that they froze Kwon’s personal assets worth approximately $176 million while the criminal case was pending.
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