Montenegro agreed to the bail terms proposed by the lawyers of the Terra Do Kwon Foundation, who was charged with the offense of forging documents under Montenegrin law.
According to the official document released by local authorities on May 12, the court has accepted the proposed bail offer of Kwon and Han Chang-joon — the chief financial officer of Terraform Labs — at 400,000 euros ($436,000) each. This is in addition to placing them under house arrest instead of detention.
According to the documents, if the house arrest is breached, bail will be entered into a “special section” of the court’s work budget. In addition, the notice said it would be necessary to check the authenticity of travel documents and identity cards, which were “allegedly” issued by the competent authorities in Belgium.
This update comes just one day after Kwon’s lawyers submitted their request for such terms to the Montenegrin authorities. If the party is “not satisfied” with the court’s decision, they have three days to cancel it.
Related: Prosecutor says extradition of Do Kwon to South Korea would best serve Terraform Labs victims: report
Kwon and Chang Joon were arrested by the Montenegrin authorities in March 2023 at Podgorica Airport for allegedly using fake documents. Their passports were confiscated in South Korea, their country of origin, in October 2022.
Interpol wanted to be the founding partner of Terraform Labs for its role in the May 2022 collapse of the $40 billion Terra ecosystem that rocked the crypto industry. The current criminal trial in Montenegro is expected to begin on June 16.
Reports from May 10 revealed that South Korean authorities had frozen $176 million of Kwon’s personal assets as part of ongoing criminal proceedings.
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