Following a court judgment in Montenegro, Terra co-founder Do Kwon has been granted bail once more. The judgment allows Kwon and Terraform Labs’ chief finance officer to remain in house arrest pending further legal proceedings.
The bail terms that were initially set during the May 12 hearing were reinstated by the court. Kwon and his colleague had to pay 400’000 euros to be released. They are now subject to rigorous bail terms and are unable to leave Montenegro.
Both had to disclose personal and financial information to the police in order to get their release. This contained proof such as property registrations and sale contracts, among other things.
Kwon and Chang-Joon were apprehended in Montenegro in March 2023 and accused of attempting to flee the nation using forged travel documents. In October 2022, the initial passports were taken away in South Korea.
Kwon is being sought by law enforcement agencies in both South Korea and the United States. He has been charged with fraud in connection with the collapse of the Terra stablecoin and Luna cryptocurrency.
🚨🆓 #Terra co-founder Do Kwon granted bail in Montenegro!
— Walletor (@walletorapp) June 5, 2023
While Kwon disputes all of the claims leveled against him, he confesses to faults in the Terra-Luna project’s management. He claims, however, that there was never any intention of deceiving investors.
The court’s choice to provide bail to Do Kwon is subject to tight police oversight. Any breach of the bail restrictions or efforts to flee the property will end in the bail sum being forfeited. The next trial processes will be critical in determining Kwon and Chang-Joon’s future course of action and the potential implications of their claimed participation in fraudulent activities.
Finally, Terra co-founder Do Kwon was granted bail in Montenegro. This allows him to remain in his home while awaiting additional judicial proceedings. The fate of the charges against him and his suspected part in fraudulent activities will be determined by the trial.