Montenegro’s judiciary has approved the bail application for Terraform Labs’ mastermind, Do Kwon, who is presently embroiled in allegations of passport fraud and graver charges in other territories.
Details Surrounding Kwon’s Release
In the wake of his arrest for alleged passport fraud, Do Kwon, the founder of Terraform Labs, has managed to secure his release on bail. According to numerous media sources, the local prosecutors accepted a bail agreement of €400,000. Consequently, authorities are poised to release Kwon and his co-accused, Han Chang-joon, before their forthcoming trial.
Previously, the prosecutors seemed hesitant to grant bail in this particular situation. During a hearing, where Kwon refuted the allegations with a not-guilty plea, the prosecution appeared disinclined to offer bail. Branko Andjelic, the defense attorney, suggested a bail amount of €400,000 (equivalent to $437,000) for each defendant. He also proposed house arrest at the residence of Do Kwon’s significant other.
However, prosecutor Haris Sabotic vehemently opposed this, highlighting their significant financial means and the potential risk of evasion.
Bail Conditions and Further Developments
By the bail conditions, the authorities will subject Kwon and Terra‘s executive, Han Chang-joon, to constant monitoring, limiting their movements to their designated residence.
In March, at a Montenegrin airport, the police apprehended both men suspected of employing counterfeit travel documents from various nations. Nonetheless, both individuals persistently assert the authenticity of the passports they used.
During yesterday’s hearing, Kwon expressed his intention to comply with the legal process if bail were granted. He said, “I consent to the proposed security measures, and will present myself as required.”
Observers may consider the bail amount relatively modest, particularly for an individual reportedly possessing $100 million in a Swiss bank account. The United States and South Korea have requested Montenegro’s assistance in extraditing the duo to face criminal charges associated with Terraform Labs’ downfall.
The Disappearance and Aftermath
Kwon’s mysterious absence soon after Terra/Luna’s catastrophic failure led to significant market upheaval. The resulting crisis erased a staggering $45 billion from the market capitalization within a mere week.
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