According to an official launch from the Fundamental Court docket, Podgorica, an enchantment towards an earlier bail settlement by the State Prosecutor’s Workplace was solid apart, permitting Do Kwon and Terraform Labs’ chief monetary officer Han Chang-Joon to await additional authorized proceedings below home arrest within the nation.
The court docket readopted bail phrases initially set out in a hearing on May 12, with the pair having to pay 400,000 euros ($436,000) each to be released from custody. Kwon and Chang-Joon are now under strict bail terms and cannot leave the latter’s legal residence in Montenegro.
The pair are set to be closely monitored by local police. If either leaves the residence or violates supervision measures, the bail will be forfeited.
Kwon and Chang-Joon provided personal and financial information to local authorities, which included evidence of a sales contract and property registration for an apartment, parking space and basement owned by Chang-Joon.
Kwon reportedly supplied an invoice for a vehicle and bank accounts statements, with the bail terms set so that the defendants would be discouraged from attempting to flee the country.
Kwon and Chang-Joon were arrested in Montenegro in March 2023 after allegedly utilizing false journey paperwork when making an attempt to depart the nation. The 2 had their unique passports confiscated in South Korea in October 2022.
The Podgorica High Court noted that verifying the authenticity of Belgium passports and identity cards held by the pair would require more time, while it highlighted its belief that the agreed upon bail amount “is a sufficient guarantee of securing the presence of the defendants.”
Terraform Labs co-founder Do Kwon has been granted bail in Montenegro after an appeals process by prosecutors was dismissed by the Podgorica district court on June 2.
Do Kwon remains a wanted figure in a number of jurisdictions. South Korean authorities want to extradite the Terraform Labs co-founder for investigations into the iinfamous collapse of the Terra-LUNA algorithmic stablecoin which worn out an estimated $40 billion from the cryptocurrency market in June 2021.