• Terra co-founder Do Kwon has been granted bail following a court ruling in Montenegro.
• The agreed upon bail amount is 400,000 euros ($436,000) for both individuals.
• Kwon and Chang-Joon are subject to strict bail conditions and cannot leave Chang-Joon’s legal residence in Montenegro.
Terra Co-Founder Granted Bail Following Montenegro Ruling
Do Kwon, the co-founder of Terraform Labs and former leader of the Terra-Luna cryptocurrency project, was granted bail by the Basic Court, Podgorica following a court ruling in Montenegro. The agreed upon bail amount is €400,000 ($436,000) for both Do Kwon and Han Chang-Joon, chief financial officer at Terraform Labs.
Bail Conditions
Kwon and Chang-Joon are now subject to strict bail conditions and cannot leave Chang-Joon’s legal residence in Montenegro. To secure their release from custody, they provided personal and financial information to the local authorities including evidence such as a sales contract and property registration for an apartment, parking space and basement owned by Chang-Joon. Additionally, Kwon also submitted an invoice for a vehicle and bank account statements. Any violation of the supervision measures or departure from the residence will result in forfeiture of the bail amount.
Previous Arrest & Wanted By Law Enforcement Agencies
Kwon and Chang-Joon were arrested in Montenegro in March 2023 on charges of using fraudulent travel documents in an attempt to leave the country with their original passports confiscated back October 2022 in South Korea. In addition to this arrest abroad, South Korean authorities have charged him with fraud while US law enforcement agencies have issued an INTERPOL Red Notice seeking his capture as well.
Verifying Authenticity Of Travel Documents
The Podgorica High Court acknowledged that verifying authenticity of Belgian passports held by defendants would require additional time however it expressed confidence that agreed upon bail amount “is sufficient guarantee of securing defendants presence” which ensures they cannot flee away from country during ongoing proceedings against them.
Conclusion
Do Kwon has been granted temporary release on high security measures set forth by court ensuring his presence throughout proceedings against him while providing enough security so he does not attempt fleeing away from country during trial period set forth by court authorities