Court Allowed Do Kwon Release, Montenegro Prosecutors Appeal

Key Points:

• Montenegro prosecutors have appealed the court’s decision to release Do Kwon on bail.
• The prosecution strongly opposed the bail, arguing that the amount was too small compared to their assets and there was a risk of absconding.
• Previously, the founder of Terra and Mr. Han Chang-Joon were both released on bail of $436,000 each.

According to SBS news, after the Montenegro court recently approved the decision to allow Do Kwon – co-founder of Terraform Labs, to be released on bail, local prosecutors are protesting this decision.

At the trial held earlier on the 11th, the prosecution strongly opposed the bail, arguing that the amount was too small for their assets and there was a risk of absconding.

The guarantee has yet to be paid. It is expected that the court’s final judgment on the prosecution’s appeal will decide whether Kwon will be tried non-custodial or not.

Local court officials confirmed the matter in an interview. They said that the three judges are reviewing the appropriate bail decision, which is consistent with the standard procedure of the appeals case. Because the defendant has been remanded in custody, the court will issue a ruling on the appeal as soon as possible.

In addition, it is reported that Do Kwon has not been released from prison and is being held in a detention center on the outskirts of Podgorica. The bail has not been paid, so there is a risk of facing a court.

The outcome of the appeal is difficult to predict, but the feedback has suggested that the bail decision could be overturned because Mr. Kwon and his team are foreigners and subject to Interpol’s red notice.

Do Kwon and Han Chang-Joon, the chief financial officer of Terraform Labs, were arrested by Montenegro officials at Podgorica airport in March 2023 on suspicion of using fake passports. In October 2022, both passports were obtained in their home country of Korea.

Currently, both South Korea and the US are looking to deport Do Kwon to their countries to face charges related to the massive Terra-Luna and May 2022 crypto crash.

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