Do Kwon, founder of Terraform Labs He appeared in court for the first time yesterday after his arrest in Montenegro in March.
Lawyers had asked the court to release Do Kwon on bail.
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He pointed to the next court date on June 16 for this decision, but the court announced that it had accepted Do Kwon’s request to be released on bail.
According to the news of Montenegro’s local news outlet Pobjeda, the court accepted a bail request of 400,000 euros ($435,000).
According to the court’s decision, Do Kwon and terra manager Han Chang-joon will be placed under bail conditions, under surveillance, and banned from leaving their apartments.
At the hearing, the lawyers stated that the defendants had assets worth several million and that the bail amount would be paid by their spouses, while the prosecution office objected to the bail, stating that Kwon was at risk of escaping.
In this context, the prosecutor’s office has three days to appeal the bail.
Do Kwon and Terra executive Han Chang-joon were arrested by Montenegrin authorities in March while trying to board a flight to Dubai with false documents.
After Do Kwon’s arrest, both the United States and South Korea are in conflict in May 2022. Terra-LUNA demanded his extradition from Montenegro to face charges related to its collapse.
*Not investment advice.
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