Terraform Labs co-founder Do Kwon is set to be freed from jail pending trial after a court agreed to a €400,000 ($436,000) bail, according to a report in Montenegro news site Pobjeda.
“…and like that, he’s gone”…
As CoinTelegraph’s Savannah Fortis reports, Montenegro has granted approval to the bail terms proposed by lawyers for Terra founder Do Kwon, who was charged with the criminal offense of document forgery under Montenegrin law.
According to the official document released by local authorities on May 12, the court has accepted the proposed bail offer for Kwon and Han Chang-Joon – Terraform Labs’ chief financial officer – of 400,000 euros ($436,000) each.
This is in addition to being put under house arrest instead of being taken into custody.
According to the documents, if the house arrest is compromised, the bail will be entered into a “special section” of the court’s working budget.
Additionally, the notice said it would be necessary to verify the authenticity of travel documents and identity cards, which were “allegedly” issued by the competent authorities of Belgium.
This update comes only one day after Kwon’s lawyers filed their request for such conditions to the Montenegrin authorities.
If the party is “unsatisfied” with the court decision, they have three days to repeal it.
Kwon and Chang-Joon were arrested by Montenegrin authorities in March 2023 at Podgorica airport for allegedly using false documents. The two had their passports confiscated in South Korea, their country of origin, in October 2022.
Interpol has wanted the Terraform Labs co-founder for his part in the Terra ecosystem’s $40 billion collapse in May 2022 that rocked the crypto industry.
The current criminal trial in Montenegro is anticipated to start on June 16.
Reports from May 10 revealed that South Korean authorities had frozen $176 million of Kwon’s personal assets as part of the ongoing criminal proceedings.
In the U.S., the Securities and Exchange Commission has also brought civil charges against Kwon, accusing the executive of failing to “provide the public with full, fair and truthful disclosure as required for a host of crypto asset securities.”
Tyler Durden
Fri, 05/12/2023 – 18:00
