Do Kwon To Be Released As Court Approves $400K Bail

According to a recent report published by a Montenegrin news outlet, the co-founder of Terraform Labs, Do Kwon, is expected to be freed from prison awaiting trial following a court approval to a bail worth €400,000 ($436,000). This comes after the 31-year-old Terraform Labs CEO and its former chief financial officer, Han Chang-joon, were detained at the airport in Podgorica in March as they tried to board a private jet to Dubai allegedly with forged travel documents.

Do Kwon Wins Bail Battle

The defendants explained their financial condition to the court, and according to the local media, they indicated that they have assets and real estate properties worth several millions of dollars. Additionally, they indicated that the stipulated sum would be paid by their spouses.

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Furthermore, they pledged that if bail is decided upon, they would refrain from any illegal act of hiding and remain in Montenegro until the end of the criminal procedures. Moreover, they agreed to frequently respond to court summons and highlighted the fact that they will be present at their residence provided by their defense attorney if the bail was granted.

Kwon’s Mounting Pressure

Haris Sabotic — a representative of the prosecution — objected to the aforementioned proposal, claiming that the defendants have no interest in staying in Montenegro as they were initially planning to flee to a foreign country. Sabotic, further added that there were no conditions set for determining surveillance measures in order to monitor their activities.

As reported earlier on CoinGape, the Terraform Labs CEO and his partner entered a not-guilty plea in a Montenegrin court on Thursday. Both South Korea and the United States are currently seeking Kwon’s extradition, however, Montenegrin representatives have remained dead-set on holding the crypto mogul back until all local criminal proceedings are settled.

The use of false documents is considered a criminal offense in Montenegrin law and can result in a prison sentence of up to five years.

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