In a recent development, the Montenegrin court has granted approval to the proposed bail terms put forth by the legal team representing Do Kwon, the founder of Terra Luna. Kwon was charged with the criminal offense of document forgery under Montenegrin law, and this decision marks a significant step in the ongoing legal proceedings.
According to an official document released by local authorities on May 12, the court has accepted the bail offer for both Do Kwon and Han Chang-joon, Terraform Labs’ chief financial officer, amounting to 400,000 euros ($436,000) each. As part of the bail conditions, both individuals will be placed under house arrest instead of being taken into custody.
The court’s decision also highlighted that if the house arrest is breached in any way, the bail amount will be allocated to a “special section” of the court’s working budget. Furthermore, the document mentioned the need to authenticate the travel documents and identity cards, which were reportedly issued by the competent authorities of Belgium.
Interestingly, this news comes merely a day after Do Kwon’s legal team submitted their request for such conditions to the Montenegrin authorities. If the concerned party is dissatisfied with the court’s decision, they have a three-day window to file an appeal.
Do Kwon and Han Chang-joon were initially arrested by Montenegrin authorities in March 2023 at the Podgorica airport on charges of using false documents. It should be noted that their passports were confiscated in their home country of South Korea in October 2022.
The Terraform Labs co-founder, Do Kwon, has been wanted by Interpol for his alleged involvement in the $40-billion collapse of the Terra ecosystem in May 2022, which had a significant impact on the cryptocurrency industry. The criminal trial in Montenegro, set to commence on June 16, is expected to shed light on the events leading to the collapse and provide clarity on Kwon’s role in the matter.
Adding to the legal challenges faced by Do Kwon, recent reports from May 10 reveal that South Korean authorities have frozen $176 million of his personal assets as part of the ongoing criminal proceedings.
As the date for the trial approaches, the global cryptocurrency community and industry observers eagerly await the proceedings in Montenegro, which are expected to provide crucial insights into one of the most significant crypto-related incidents in recent years.
