Montenegro has granted approval to the bail terms proposed by the lawyers of Terra Luna founder Do Kwon, who was charged with the criminal offense of document forgery under Montenegrin law.
According to the official document released by local authorities on May 12, the court has accepted the proposed bail offer for Kwon and Han Chang-joon, Terraform Labs’ chief financial officer, of 400,000 euros ($436,000) each. This is in addition to being put under house arrest in lieu of being taken into custody.
According to the documents, if the house arrest is compromised, the bail will be entered into a “special section” of the court’s working budget. Additionally, the notice said it will be necessary to verify the authenticity of travel documents and identity cards, which were “allegedly” issued by the competent authorities of Belgium.
This update comes only one day after Kwon’s lawyers filed their request for such conditions to the Montenegrin authorities. If the party is “unsatisfied” with the court decision they have 3 days to repeal.
Kwon and Chang-joon had been arrested by Montenegrin authorities back in March 2023 at the Podgorica airport under the pretext of using false documents. The two had their passports confiscated in South Korea, their country of origin, in October 2022.
The Terraform Labs co-founder has been wanted by Interpol for playing a part in the Terra ecosystem’s $40-billion collapse in May 2022 that rocked the crypto industry. The current criminal trial in Montenegro is anticipated to start on June 16.
Reports from May 10 revealed that $176 million of Kwon’s personal assets have been frozen by South Korean authorities as part of the ongoing criminal proceedings.