Do Kwon, co-founder of Terraform Labs (LUNA and UST), will be released in Montenegro on $474,800 bail.
The Montenegrin court accepted the bail request of Terraform Labs executives Do Kwon and Hon Chang Joon, who were charged with forging identity documents.
As a reminder, Do Kwon and Hon Chang Joon were arrested at Podgorica airport at the end of March on charges of forging identity documents (passports) by Montenegrin authorities.
Han Chang-joon is the former CFO of Terraform Labs, who will also be released on bail. Indeed, each of them will have to pay a bail of 470,000 dollars. The bail will be paid by their wives.
The public prosecutor’s office has three days to oppose the release on bail of the two persons concerned. If Do Kwon is indeed released, it remains to be seen whether he will choose to wait for his trial in Montenegro or whether he will be tempted to flee again to avoid extradition to South Korea, where he faces a lengthy prison sentence for financial fraud.
South Korea’s judiciary is known for its tough stance on financial crimes and would not do Do Kwon any favors if he is convicted of aggravated fraud.
Despite the risk of escape, the judge considered that the potential loss of bail was a sufficient deterrent for the defendants. Kwon and Chang Joon have agreed not to flee and to remain at the disposal of the authorities. They will be under house arrest.
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