Terra Co-Founder Do Kwon is Out on Bail Once Again

Paigambar Mohan Raj
Source: Bloomberg.com

Terra co-founder and former CEO Do Kwon is once again out on bail. Kwon was granted bail in Montenegro after a judge rejected prosecutors’ arguments on June 2. Kwon was earlier granted bail in mid-May but he was detained again.

According to a statement, the State Prosecutor’s Office’s appeal against a previous bail agreement was denied. This has allowed Kwon and Terraform Labs’ chief financial officer Han Chang-Joon to await further legal proceedings in the nation while under house arrest.

Both Terra employees, Do Kwon and Chang-Joon, must each pay 400,000 euros ($436,000) in bail. This amount was originally set forth by the court in a hearing on May 12. Otherwise, they will not be allowed to leave detention. Both are currently subject to stringent bail conditions and are unable to leave Chang-Joon’s place of residence in Montenegro.

Local cops are going to be keeping a close eye on both. Their bail will be forfeited if they either depart from the home or disregards the conditions of the supervision.

Kwon and Chang-Joon gave local authorities access to their financial and personal data. This includes documentation of a sales agreement and property registration for Chang-Joon’s apartment, parking space, and basement.

Other details about Terra’s Do Kwon and Chang-Joon

Kwon and Chang-Joon were detained in Montenegro in March 2023 after reportedly attempting to flee the country using forged travel credentials. In October 2022, the two had their original passports seized in South Korea. The court remarked that it would take additional time to confirm the validity of the couple’s Belgian passports and identification cards. The agreed-upon bond sum “is a sufficient guarantee of securing the presence of the defendants,” the court further stated.

Kwon is still wanted in a number of jurisdictions. The co-founder of Terraform Labs is wanted by South Korean authorities as part of their investigation into the historic Terra ecosystem collapse in June 2022, which caused an estimated loss of $40 billion.

In connection with the allegations in South Korea, Interpol recently issued a Red Notice for Kwon, who is also facing a slew of fraud-related charges in the United States.