Recent news from Montenegro has revealed that Do Kwon, the co-founder of Terraform Labs, is expected to be released from prison on bail worth €400,000 ($436,000), pending his trial. Kwon and the former chief financial officer of Terraform Labs, Han Chang-joon, were detained at the airport in Podgorica in March, as they attempted to board a private jet to Dubai using forged travel documents.
According to local media reports, Kwon and Chang-joon explained their financial situation to the court, stating that they have assets and real estate properties worth millions of dollars, and that their spouses would be paying the bail amount. They also pledged not to commit any illegal acts, and to remain in Montenegro until the criminal proceedings have ended. The defendants agreed to frequently respond to court summons and confirmed that they would reside at their defense attorney’s provided residence if the bail was granted.
The prosecution representative, Haris Sabotic, objected to the proposal, claiming that the defendants had planned to flee the country, and there were no conditions set to monitor their activities. Kwon and Chang-joon had pleaded not guilty in a Montenegrin court earlier, and both South Korea and the United States are seeking Kwon’s extradition. However, Montenegro authorities have insisted on holding Kwon until the local criminal proceedings are settled.
It is important to note that the use of false documents is a criminal offense in Montenegro, punishable by up to five years in prison. The news of Kwon’s release on bail has been widely reported and has raised concerns among the crypto community, adding to the mounting pressure on Kwon and his legal team.