Do Kwon to be Released on Bail
- Do Kwon is expected to begin his criminal trial in Montenegro in June.
- Recent reports claim that Kwon’s personal assets worth $176 million have been frozen by South Korean authorities as part of the ongoing criminal investigations.
According to an official statement, Do Kwon, the co-founder of Terraform Labs, will be released from custody in Montenegro after the Basic Court in Podgorica approved a bail package of €400,000 ($436,000). In addition, Chang-joon Han, the former chief financial officer of Terraform, was also granted bail by the court under the same terms. Both parties will be subject to house arrest as a part of the terms of their release.
The court noted that the bail will be put into a “special section” of the court’s operating budget if the terms of the house arrest are breached. Court documents further stated that it would be necessary to confirm the validity of identity cards and travel papers “allegedly” issued by Belgian authorities.
Bitnation reported on Thursday that Kwon and Chang-Joon’s attorneys submitted their request for bail to the Montenegrin authorities during a hearing on Thursday, where Kwon maintained his innocence through his lawyers. However, the state prosecutor opposed Do Kwon’s bail request, claiming that Kwon and Han have significant financial resources but “zero interest” in remaining in Montenegro.
According to court documents,
The defendants explained their financial circumstances to the court, indicating that they have property worth several million, while the said amount would be paid by their wives. They also promised that if bail is set, they will not hide until the end of the criminal proceedings, that they will regularly respond to court summons, and that they will be available at the address provided by their defense attorney.
Kwon was arrested at the airport in Podgorica in March alongside Chang-Joon. They were detained by Montenegrin authorities on suspicion of possessing forged passports from Belgium and Costa Rica. Do Kwon is being sought by Interpol for his involvement in the $40 billion collapse of the Terra ecosystem in May 2022, which shook the cryptocurrency market.