Do Kwon To Be Released Following $436,000 Bail Approval

• Prosecution attorney Haris Sabotic raised objections to the proposition.
• The duo won’t leave Montenegro illegally and would stay put until the judicial proceedings.

After a judge approved bail in the amount of €400,000 ($436,000), the co-founder of Terraform Labs, Do Kwon, is anticipated to be released from jail pending trial, as reported by a Montenegrin news site.

The CEO of Terraform Labs, a 31-year-old Korean national, and the company’s ex-chief financial officer, Han Chang-joon, were detained in March while attempting to board a private aircraft to Dubai using allegedly fraudulent travel papers.

Bail Approved on Stringent Conditions

According to the local media, the defendants gave the court an explanation of their financial situation in which they claimed to have assets and real estate holdings worth many millions of dollars. They also confirmed that their spouses would be responsible for making the required payment.

They also promised that if bail is granted, they won’t leave Montenegro illegally and would stay put until the judicial proceedings are through. Moreover, they also promised to show up to court hearings on a regular basis and emphasized that they’d remain at the address their lawyer gave them 24/7 if bail was granted.

Prosecution attorney Haris Sabotic raised objections to the aforementioned proposition, saying the accused had no intention of remaining in Montenegro and instead intended to seek asylum elsewhere. Sabotic further noted that no parameters were established to determine monitoring procedures to track their actions.

The CEO of Terraform Labs and his business partner pled not guilty in a Montenegrin court on Thursday, as had been previously reported. Kwon is wanted for extradition by both South Korea and the United States, but Montenegrin officials insist on keeping the crypto billionaire in their country until all pending criminal cases are resolved.