Montenegro Grants Bail Terms
In a significant development, Montenegro has given the green light to the bail conditions proposed by the legal team representing Do Kwon, the founder of Terraform Labs. Kwon has found himself on the wrong side of Montenegrin law, facing charges of document forgery.
The Price of Freedom: Bail Set at €400,000
As per the official documents released by local authorities on May 12, the court approved bail for both Kwon and Terraform’s chief financial officer, Han Chang-Joon, at a hefty €400,000 (approximately $436,000) each. On top of that, they’ll be under house arrest rather than languishing in a cell. Talk about upgrading your confinement experience!
House Arrest Details
The court stipulated that should the terms of their house arrest be breached, the bail amount will be redirected into a “special section” of the court’s operating budget. It’s almost as if the court is saying, “Mess around, and you’ll be footing your own bill!” Furthermore, there’s a need to authenticate travel documents and identity cards allegedly issued by Belgian authorities. No pressure or anything!
Quick Turnaround: Lawyers’ Requests Granted
This latest update follows a remarkably swift response from the Montenegrin courts. Kwon’s legal team filed their bail request just a day prior, and the authorities wasted no time in approving it.
Appeal Process
If either party finds themselves dissatisfied with the court’s decision, there’s a three-day window to challenge the ruling. Nothing like a ticking clock to ramp up the tension!
Background: A Legal Quagmire
Kwon and Chang-Joon were apprehended in March 2023 at Podgorica airport for reportedly presenting false documentation. Their passports have been iced by South Korean authorities since October 2022, so it’s fair to say things have been less than smooth for them.
International Attention
Interpol has been keenly pursuing Kwon due to his involvement in the Terra ecosystem’s eye-watering $40 billion collapse back in May 2022. As if that weren’t enough, a criminal trial is set to kick off in Montenegro on June 16. Grab your popcorn; this one’s bound to be a blockbuster!
Freezing Assets and Ongoing Investigations
And if you thought Kwon’s troubles were over, think again! On May 10, reports surfaced indicating that South Korean authorities had frozen $176 million of his personal assets as part of their ongoing investigations. Looks like his wallet isn’t in great shape either.
As the tale continues to unfold, the crypto community watches closely, wondering: Will Kwon manage to navigate this legal labyrinth, or will the ‘crypto king’ find himself dethroned for good?
