Following the rejection of prosecutors’ arguments on June 2, Do Kwon, the co-founder and former CEO of Terra, has been granted bail in Montenegro once again. This comes after being detained again despite being granted bail in mid-May.
The State Prosecutor’s Office’s appeal against the previous bail agreement has been denied, allowing Kwon and Terraform Labs’ chief financial officer, Han Chang-Joon, to await further legal proceedings while under house arrest in Montenegro.
Both Kwon and Chang-Joon are required to pay 400,000 euros ($436,000) each as bail, as determined by the court during a hearing on May 12. Failure to pay this amount would result in their continued detention. Currently, they are subject to strict bail conditions and are confined to Chang-Joon’s residence in Montenegro.
Local authorities will closely monitor their activities, and if they violate the conditions of supervision or leave the residence, their bail will be forfeited.
In an effort to comply with the authorities, Kwon and Chang-Joon have provided access to their financial and personal data. This includes documentation of a sales agreement and property registration for Chang-Joon’s apartment, parking space, and basement.
More About Terra’s Do Kwon and Chang-Joon
In March 2023, Do Kwon and Han Chang-Joon were detained in Montenegro after allegedly attempting to flee the country using forged travel credentials. Their original passports had been confiscated in South Korea in October 2022. The court stated that it would require additional time to verify the validity of their Belgian passports and identification cards. However, the agreed-upon bond amount was deemed sufficient to ensure the defendants’ presence, according to the court.
Do Kwon remains wanted in multiple jurisdictions. He is being sought by South Korean authorities as part of their investigation into the collapse of the Terra ecosystem in June 2022, which resulted in an estimated loss of $40 billion.
Furthermore, Interpol recently issued a Red Notice for Kwon in connection with the allegations in South Korea. Additionally, Kwon is facing a series of fraud-related charges in the United States.