Do Kwon Gets Court Release With $436,000
- Do Kwon, the co-founder of Terraform Labs, was granted bail by a Montenegro court.
- Kwon and his former CFO, Han Chong-Joon, were both released on bail of $436,000 apiece.
- This is in addition to being placed under home arrest rather than being arrested.
Do Kwon, the crypto market’s most divisive personality, has been granted bail under specific terms by a Montenegrin court.
Terraform Labs founder Do Kwon will be freed on bail awaiting trial after paying a bond of 400,000 euros, or $436,000, according to the local daily Pobjeda. This is in addition to being placed under home arrest rather than being arrested.
Kwon and Han Chang-Joon, Terraform Labs’ chief finance officer, were detained by Montenegrin officials at the Podgorica airport in March 2023 on suspicion of using fraudulent passports. In October 2022, the two’s passports were taken in their home nation of South Korea.
The two South Korean nationals will be released into house arrest under police monitoring if their bail is paid, according to an emailed statement from the Basic Court in Podgorica, Montenegro’s capital.
Branko Andjelic, the defense counsel, tells the court that the two men are not a flight danger, even proposing to have them placed under house arrest at his girlfriend’s apartment. Prosecutor Haris Sabotic objected, claiming that the accused had zero interest in staying in Montenegro and that the cash offered as a guarantee was inadequate.
Moreover, the notification said that it would be essential to check the legitimacy of travel papers and identification cards that were supposedly granted by Belgian authorities.
According to a complaint in a New York federal court, Kwon was charged with conspiracy to conduct commodities, securities, and wire fraud, as well as conspiracy to mislead investors and participate in market manipulation after his detention in Montenegro.
This development came only one day after Kwon’s attorneys requested such requirements from Montenegrin officials. If a party is dissatisfied with the court ruling, they have three days to repeal it.
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