Do Kwon granted bail at €400,000 – against prosecutors wishes Do Kwon granted bail at €400,000 – against prosecutors wishes
The Montenegro court has agreed to release Terraform Labs' co-founder Do Kwon and CFO Han Chong-Joon on house arrest.
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Updated: Jul. 12, 2023 at 3:04 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Terraform Labs co-founder Do Kwon will be released on bail alongside company CFO Han Chong-Joon — against the wishes of prosecutors.
The Montenegro court has set a fee of €400,000 ($436,000) per person, according to Bloomberg.
Upon release, both men will be under house arrest with police supervision in the country’s capital, Podgorica.
In winning the bail, defense lawyer Branko Andjelic told the court neither man is a flight risk — offering his girlfriend’s apartment as the place of house arrest.
Prosecutors argued that the bail amount is inconsequential when considering Do Kwon’s wealth.
Do Kwon captured
On March 23, the pair were arrested at Montenegro Podgorica Airport after suspicious travel documents were noted.
The capture provided a dramatic twist to the ongoing multi-billion dollar fraud that unraveled as Terra LUNA collapsed under the weight of the TerraUST de-peg on May 10, 2022.
Since being incarcerated, several incidents have come to light, including forming a new shell company with help from Serbian lawyers and the U.S. Securities and Exchange Commission filing charges against Do Kwon.
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic.
Terraform Labs
Terraform Labs is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins.
Do Kwon began his professional journey as an engineer, contributing to tech giants Apple and Microsoft.