Do Kwon, the founder of Terra, has been granted bail by a court in Montenegro while he faces a multibillion-dollar fraud case led by US prosecutors. The former CEO of Terraform Labs, who had gone missing after the firm’s collapse in May 2022, was arrested in Montenegro in March, following accusations of traveling with falsified passports. He has now been released on bail amounting to 400,000 euros ($440,320) pertaining to local charges.
Details of Kwon’s Bail and Restrictions
While facing a significant criminal case in the United States, Do Kwon has successfully secured his release on bail in Montenegro. This development followed his arrest in the country due to alleged use of counterfeit travel documents. According to a statement from the Basic Court of Podgorica reported by Reuters, the court accepted a proposal from Kwon’s legal team, leading to his release on bail, which also carries specific conditions.
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One such condition is that Kwon, along with another Terra executive, Han Chang-Joon, must remain under the surveillance of Montenegrin authorities. As such, they are restricted from leaving their respective residences. The court approved the bail to be paid by their spouses, despite objections from the prosecution who argued that both individuals posed a considerable flight risk.
Kwon’s Arrest and Terra’s Collapse
The arrests of the two Terra executives came in response to extradition requests from both the US and South Korea, following the high-profile collapse of Terraform last year. The charges they face relate to this event and their actions in its aftermath.
