Terra’s Do Kwon Bail Approved By Montenegro High Court, Extradition To South Korea

Terra co-founder Do Kwon and former chief financial officer Han Chang-joon’s bail request is approved by the Montenegro High Court, according to sources familiar with the court proceedings. In addition, the High Court investigation judge ruled that South Korean citizens will remain in prison for extradition to South Korea.

Do Kwon Receives Bail, But Remains in Extradition Custody

Montenegro High Court on June 15 rejected Montenegrin prosecutors’ appeal and upheld the verdict by Montenegro Basic Court Judge Ivana Becic to accept the bail of Terra co-founder Do Kwon and former CTO Han Chang-joon, confirmed court spokesperson Marija Rakovic.

Earlier this month, Montenegro Basic Court approved Do Kwon and Han Chang-joon’s bail of 400,000 Euros ($436,000) each for the second time, adding surveillance and other court measures to the bail conditions. The Basic Court sent the prosecutors’ appeal and the passport forgery case files to the Montenegro High Court for judgment.

Montenegro High Court granted bail so that they can defend themselves against charges of documents forgery. However, Do Kwon and Han Chang-joon will remain behind bars as the High Court judge ordered them to be extradited to South Korea.

The High Court investigating judge at the request of South Korea ordered the extradition detention of Do Kwon and Han Chang-joon for six months.

Also Read: Tether (USDT) Depegs After Curve-Aave Loan Saga; Spooks Crypto Market

Terra Founder Political Ties in Montenegro

CoinGape Media reported Do Kwon’s political ties with former Finance Minister Milojko Spajic since 2018. Outgoing Montenegro’s Prime Minister Dritan Abazovic claimed he received a letter from Do Kwon regarding his ties with Spajic, president of the Europe Now political party.

The former Finance Minister confirmed that his friends and the company he worked for invested in the Terra project in 2018, where he met Do Kwon. However, they lost all during the Terra-LUNA crisis, “which is why we had the special satisfaction of reporting him to authorities.” Milojko Spajic also has connections with Ethereum co-founder Vitalik Buterin.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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