The ongoing legal saga for Terra founder, Do Kwon, takes another turn.
A Montenegrin court has accepted the proposed bail terms put forth by Kwon's legal team. The man behind Terra ecosystem is currently facing charges of document forgery in Montenegro.
According to the documents published on May 12th, the court has approved the suggested bail of 400,000 euros (approximately $436,000) each for both Do Kwon and Terraform Labs' Chief Financial Officer, Han Chang-Joon. Instead of jail time, the pair have been granted house arrest.
Did you know?
Subscribe - We publish new crypto explainer videos every week!
How to Avoid Crypto Taxes? (Legal Ways Explained)
Should the terms of the house arrest be violated, the bail money would be redirected to a "special section" of the court's operating budget. The court also announced the need to authenticate Kwon's and Chang-Joon's travel documents and identity cards, supposedly issued by Belgian authorities.
These developments come a day after Kwon's lawyers submitted their request for these bail conditions. Any party dissatisfied with the court's decision has a three-day window to file an appeal.
The Montenegrin authorities arrested Kwon and Chang-Joon in March 2023 at Podgorica airport for the alleged use of counterfeit documents. Their passports had previously been confiscated in South Korea in October 2022.
Interpol has been seeking Terraform Labs' co-founder following the Terra ecosystem's $40 billion collapse in May 2022.
It is worth noting that Do Kwon's criminal trial in Montenegro is scheduled to begin on June 16th.
Earlier reports from May 10th indicated that South Korean authorities had frozen $176 million of Kwon's personal assets amidst the ongoing criminal proceedings.
The unfolding legal narrative involving Terra's founder Do Kwon continues to add to the volatility and unpredictability of the cryptocurrency landscape.
