Montenegro court approves second bail request for Do Kwon

by Samuel Pordengerg Jun 5, 2023 News
Montenegro court approves second bail request for Do Kwon

The image is from Terraform Labs.

On Fr Iday ap proved a se cond b ail re quest. K won is also used in the U.S.

Terraform CEO Do Kwon's bail was revoked.

  • The Basic Court in the capital Podgorica ruled the two South Korean nationals be released from jail to house arrest after lawyers for the two men provided more details on their financial situation, according to the court’s official statement on Friday.
  • “The unsatisfied party has the right to appeal against the said decision within 3 days,” the statement said in reference to local prosecutors, who appealed against the first bail approval.
  • The next court trial for Kwon and Han is expected to take place on June 16. The two were arrested at Podgorica airport on March 23 for allegedly attempting to fly out of the country using fake passports. Kwon and Han have denied charges of forging travel documents
  • Kwon, who led the Terra-Luna cryptocurrency project until its US$40 billion collapse a year ago, was under an Interpol Red Notice that requested law enforcement agencies detain him, following fraud charges by South Korean authorities.
  • Kwon is also wanted in the U.S. Prosecutors in both countries accuse him of fraud, securities law violations and other charges related to the collapse of the Terra stablecoin and Luna cryptocurrency. 
  • Kwon has denied all the allegations against him. He has admitted mistakes were made in the Terra-Luna project managed by Terraform Labs, but argues there was never any intent to deceive investors.

The prosecutor says Do Kwon should be tried in South Ko.