Do Kwon Set to Be Released from Custody
Do Kwon, founder of Terraform Labs, is to be released from a Montenegro jail on supervised bail, pending the continuation of his trial on document forgery charges, according to a court statement issued on Friday. The Basic Court of Podgorica has approved a proposal by Kwon's lawyers to pay 400,000 euros ($435,000) for his release.
As per the bail conditions, Kwon and his co-defendant, Terra executive Han Chang-joon, will be under surveillance and prohibited from leaving their apartment.
The pair were arrested by Montenegrin authorities in March for allegedly attempting to travel with forged documents. Both the U.S. and South Korea have requested their extradition to face criminal charges relating to the collapse of Terraform Labs, Kwon's cryptocurrency enterprise, in May of the previous year.
During the hearing, the defendants claimed to own "property worth several million," and indicated that their wives will pay the bail amount, as per the court statement. Despite objections from the prosecution, citing that there was no guarantee Kwon was not a flight risk, the court granted bail.
The defendants have also vowed to remain available until the conclusion of the criminal proceedings and to respond regularly to court summons. The next trial date for Kwon is set for June 16. Parties dissatisfied with the bail decision have three days to appeal.
The pair were arrested by Montenegrin authorities in March for allegedly attempting to travel with forged documents. Both the U.S. and South Korea have requested their extradition to face criminal charges relating to the collapse of Terraform Labs, Kwon's cryptocurrency enterprise, in May of the previous year.
During the hearing, the defendants claimed to own "property worth several million," and indicated that their wives will pay the bail amount, as per the court statement. Despite objections from the prosecution, citing that there was no guarantee Kwon was not a flight risk, the court granted bail.
The defendants have also vowed to remain available until the conclusion of the criminal proceedings and to respond regularly to court summons. The next trial date for Kwon is set for June 16. Parties dissatisfied with the bail decision have three days to appeal.
