It looks like Do Kwon will be able to comfortably await further legal actions.
On June 2nd, Do Kwon, a co-founder of Terraform Labs, successfully secured bail in Montenegro as a local court rejected the prosecutors' appeal.
In an announcement from the Basic Court in Podgorica, it was revealed that the State Prosecutor’s Office’s appeal against a prior bail agreement was overruled.
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The decision allows Kwon and Terraform Labs' Chief Financial Officer Han Chang-Joon to await future legal proceedings under house arrest within the country.
The bail conditions, specified in a May 12th hearing, were readopted by the court. Kwon and Chang-Joon were obliged to post a bail of 400,000 euros ($436,000) each to secure release from custody.
According to the court filings, the agreed bail amount "is a sufficient guarantee of securing the presence of the defendants.”
Authorities will be keeping a close watch on the pair. In case of any breach of the supervision measures or an attempt to leave the residence, their bail will be forfeited.
Kwon and Chang-Joon submitted personal and financial information regarding their sales contracts, apartment property registration, a parking space, and Chang-Joon's basement. Kwon provided an invoice for a vehicle and bank account statements. These bail terms were designed to discourage any attempts to abscond.
Kwon and Chang-Joon were arrested in Montenegro in March 2023 for allegedly using counterfeit travel documents to exit the country. Their original passports were previously seized in South Korea in October 2022.
Despite his current status, Kwon remains a person of interest in multiple jurisdictions. South Korean officials aim to extradite the Terraform Labs co-founder for inquiries linked to the infamous Terra ecosystem collapse. On top of that, Do Kwon is also wanted by officials in the United States.
