Terraform Labs founder Do Kwon is to be released on €400,000 bail.
The former head of Terraform Labs Do Kwon and his former colleague will be released on €800,000 bail.
The court in Montenegro considered this amount sufficient to prevent the defendants from fleeing the country
A court in Montenegro has agreed to release Terraform Labs founder Do Kwon and Terraform CFO Han Jung on $400,000 bail for each of them, the local newspaper Pobjeda reported. After paying a total of €800,000, they will be released but must remain under house arrest in Montenegro at an address provided by their lawyer.
The defendants told the court that they had assets worth several million dollars and that the amount would be paid by their wives. They promised not to abscond until the end of the criminal trial and to respond regularly to subpoenas.
The prosecution opposed Do Kwon's bail, arguing that the defendants had no interest in staying in Montenegro and that conditions for supervising them were insufficient. However, the judge felt that the amount of €400,000 was enough to prevent the defendants from having any desire to flee.
"If the defendants flee or violate the established supervisory measures, the court's decision stipulates that bail must be paid into the courts' operating budget," the statement said.
Do Kwon, along with Han Chang Joon, were arrested in late March at Podgorica airport for trying to fly to Dubai with forged documents. Montenegrin authorities charged Do Kwon with document fraud in April.
The Terraform founder is also accused of fraud by U.S. and South Korean authorities. Both countries requested his extradition to stand trial in the TerraUSD (UST) stablecoin and Luna token crash last May. But Montenegrin authorities said extradition proceedings would not begin until after a local court reviews the document forgery case.
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