A court in Montenegro has agreed to release Terra founder Do Kwon on bail. Moreover, the former cryptocurrency CEO is facing a multibillion-dollar fraud case from US prosecutors. Alternatively, Kwon was on bail for 400,000 euros ($440,320) on local charges in Montenegro.
The former CEO of Terraform Labs, Do Kwon, has been at large following the company’s collapse in May 2022. Moreover, Kwon was arrested in Montenegro after he was detained for having falsified passports in March.
Do Kwon Released on Bail
Facing a massive criminal case in the United States, Terra founder Do Kwon has been released on bail in Montenegro. Specifically, the Terraform CEO had been detained in the country after attempting to travel with false documents.
Amid the multibillion-dollar case against him, Kwon had received bail of 400,000 euros, as he is pending a local trial. Arrested in March, Reuters reported a statement from the Basic Court of Podgorica that noted their acceptance of a proposal made by Kwon’s lawyers.
The bail comes with certain conditions that Kwon must meet. Among those is the fact that both Kwon and Terra executive Han Chang-Joon will be under surveillance from Montenegrin authorities. Subsequently, they will be unable to leave their apartments.
The two Terra executives were arrested, as both the US and South Korea called for his extradition to their respective countries. Due to the charges that the two faced following the highly publicized terraform collapse last year.
The court statement noted that the bail would be paid by their wives. Alternatively, the prosecution had objected to the proposed bail agreement, noting that the two represented a significant flight risk.