A Montenegrin Basic Court in the capital Podgorica;has again approved;the bail terms of Do Kwon, the co-founder of the collapsed Terra ecosystem, nearly 10 days after the High Court;canceled;the agreement following the local prosecutors' appeals.;
The decision will apply to both Kwon and Han Chang-Joon, the chief financial officer of Terraform Labs.
The approval will see Kwon and Chang-Joon released from prison, each on $436,000 bail, and put under house arrest in Montenegro pending trial.
- The bail payments will be made separately for two former Terra executives by their wives, and they will not be able to leave the country.
- Montenegrin police will closely monitor Kwon and Chang-Joon, and the bail will be canceled in the event of any violation.
- The pair;were arrested at;the Podgorica Airport in Montenegro in March while trying to fly to Dubai carrying falsified traveling documents.
- In April, they;became the subject;of an indictment proposal submitted by the local prosecutors with the charges of forging personal documents, which was later denied by the lawyers for two former executives.
- The court said verifying the authenticity of travel documents and identity cards allegedly issued by Belgian authorities would take more time.
Meanwhile, both the U.S. and Kwon's native South Korea seek the Terra founder's extradition, though they do not have a direct extradition treaty with Montenegro.
- The multibillion-dollar Terra;ecosystem;collapsed last year after its native token Luna's price plummeted nearly to zero in May 2022 and lost all its value against the U.S. dollar (USD), triggering a prolonged crypto winter.
- The collapse caused over $60B to be wiped off the crypto market.
- The 31-year-old Kwon faces many lawsuits and investigations in several countries, including South Korea and the U.S., with allegations such as tax fraud, deceiving investors, racket collecting, and building a Ponzi scheme.