Do Kwon Was Proposed A Guarantee For $437,000

Key Points:

  • Do Kwon has entered a not-guilty plea in a Montenegro court.
  • Branko Andjelic, his defense counsel, sought a bond of $437,240.
  • Interpol sought crypto creator and former Terra executive Han Chang-Joon was apprehended.
Do Kwon’s attorneys have recommended that he be released on supervised bail while facing accusations in Montenegro for trying to travel using fake papers.
Do Kwon Was Proposed A Guarantee For $437,000

Do Kwon, the founder of TerraUSD, pleaded not guilty on Thursday to allegations of travel document falsification brought by Montenegrin authorities following his detention.

Not only did Kwon reject the allegations against him, but his attorneys also argued for supervised bail and his release. The defense counsel, Branko Andjelic, recommended that the Terra brothers be released on bail of 400,000 euros, or $437,240 apiece.

The defendants denied committing a crime and presented their defense in Podgorica, the country’s capital, on Thursday. According to a notification of the hearing’s conclusion:

“Instead of detention, the defendant’s lawyer suggested that bail and supervision measures be imposed, prohibiting them from leaving the apartment and periodically reporting to a certain state authority.”

Kwon and Terra CEO Han Chang-Joon were detained in March by Montenegrin police and accused of document falsification by local prosecutors.

Kwon was detained in Podgorica, the country’s capital, while attempting to board a private jet heading for Dubai. The sought crypto creator was apprehended with Han Chang-joon, another former Terra executive.

Following the TerraUSD stablecoin crisis, which wiped out about $45 billion from the cryptocurrency market and prompted a chain reaction of company closures and bankruptcies, their status as international fugitives ended with this arrest.

Kwon and Han were also discovered holding passports from Belgium and Costa Rica in addition to their South Korean passports. The Belgian and Costa Rican passports, according to Interpol and Montenegro, were faked, an allegation both men contested in court.

Kwon’s legal problems go beyond the limits of Montenegro. US authorities have accused him of organizing a multi-year crypto scam that cost at least $40 billion in market value. Prosecutors in South Korea have made similar claims.

Both the United States and South Korea have requested Kwon’s extradition, but Montenegrin judicial authorities have emphasized that such considerations would be made only when local criminal processes are completed.

The next hearing is on June 16. Kwon faces up to five years in jail if convicted of using forged papers under Montenegrin law.

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