- Court of Podgorica accepted Kwon’s lawyers’ proposal to post a bond of 400,000 euros
- South Korea and the US have demanded Kwon be extradited from Montenegro to face charges
Do Kwon, the founder of failed crypto company Terraform Labs, will be released from jail in Montenegro on supervised bail pending trial on travel document forgery charges, CoinDesk reported, citing a court notice issued today.
In a statement, the court of Podgorica said it had accepted Kwon’s lawyers’ proposal to post a bond of 400,000 euros, equivalent to around $435,000 as per today’s exchange rate.
Under bail terms, Kwon and former Terra executive Han Chang-joon, who was also arrested, will be under surveillance and not allowed to leave their apartment.
Arrested for traveling with fake documents
Kwon and Chang-joon were arrested in Montenegro in March for trying to travel with forged documents. Both South Korea and the US have demanded Kwon be extradited from Montenegro to face criminal charges over the dramatic fall of Terraform Labs in May 2022.
They promised not to go into hiding
The defendants told the judge they had “property worth several million” and their wives would pay the bail amount, according to the court’s statement. The prosecution objected to the proposal on the grounds that the defendants might flee.
In response, the two promised they would not hide, would be available at the address their defense attorney provided, and would always appear in court when summoned. The next trial is scheduled on June 16. Any party that is unsatisfied with the court’s decision may appeal within three days.
Kwon also faces trail on fraud charges
Bankless Times wrote on March 24 that Do Kwon had been arrested in Montenegro the previous day. He had been charged with fraud by US prosecutors in New York a few hours later.
Do Kwon has been charged with commodities fraud, wire fraud, securities fraud, and conspiracy to defraud and engage in market manipulation along with four other crimes, according to a US court filing.
