Montenegrin Prosecutor's Office Appeals against Bail for Do Kwon
The prosecutor's office has appealed the release of Terra's founder from bail
Supreme Court failed to independently confirm Do Kwon's assurances of solvency
U.S. and South Korean authorities seek Kwon's extradition from Montenegro
Montenegrin prosecutor's office appeals Do Kwon's bail
Podgorica Supreme Court overturned Terraform Labs co-founder Do Kwon's bail application, leaving him in custody
Do Kwon, co-founder of failed cryptocurrency ecosystem Terra, will remain in custody. This ruling was issued by the Supreme Court of Podgorica, annulling the decision of the lower court, Bloomberg writes, citing the press service of the court.
Kwon, however, as well as former Terraform Labs CFO Han Chan-joon, may still be out on bail. The Supreme Court ruled that it could not confirm the valuation of the real estate that the defendants used as bail. To recap, Kwon and Joon assured the court that they could cover all necessary financial expenses from their overseas properties to the tune of "millions of dollars."
We note that in April the South Korean authorities seized more than $200 million worth of real estate of investors and employees of Terraform Labs. In particular, the real estate of Daniel Shin, co-founder of the ecosystem, was under arrest. Also under confiscation were the vehicles and stock market assets of individuals associated with Terraform Labs.
At the same time, the Montenegrin court was satisfied with the bail of $430 500 for each of them. Now, the lower court will have to make a new decision, added the press service of the Supreme Court of Podgorica. The next hearing on the Terraform Labs case in Podgorica is scheduled for June 16.
Recall that Kwon and Jung were arrested in March 2023 at the airport in Montenegro. In April, authorities charged them with passport forgery. Both pleaded not guilty. The prosecutor's office asked the court to extend the custody of Kwon and his business partner because it feared they would flee the country. Meanwhile, authorities in South Korea and the United States are seeking Kwon's extradition because they have already charged him and other Terraform Labs employees with fraud and illegal securities sales disguised as LUNA tokens.
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