Montenegro has approved the bail conditions proposed by lawyers for Terra founder Do Kwon, who has been charged with criminal offenses of document forgery under Montenegrin law.
The court has accepted the bail offer of 400,000 euros ($436,000) each for Kwon and Terraform Labs chief financial officer Han Chang-Joon, according to official documents released by local authorities on May 12. This is in addition to being under house arr est instead of detention.
If the house arrest is compromised, the bail money will be included in a "special part" of the court's work budget, according to the document. In addition, the notice states that it is necessary to verify the authenticity of travel documents and identity cards "allegedly" issued by the competent Belgian authorities. The update comes just a day after Kwon's lawyers made such a conditional request to Montenegrin authorities. If the parties are "dissatisfied" with the court decision, they have three days to set aside the j udgment.
Kwon and Chang-Joon were arrested by Montenegrin authorities in March 2023 at Podgorica airport on suspicion of using false documents. In October 2022, their passports were confiscated in South Korea, their country of origin.
Interpol wants the co-founder of Terraform Labs involved in the May 2022 collapse of the $40 billion Terra ecosystem, which rocked the cryptocurrency industry. The current criminal trial in Montenegro is expected to begin on June 16. Reports on May 10 indicated that South Korean authorities had frozen $176 million in Kwon's personal assets as part of ongoing criminal proceedings.
