• 17 July, 2024
News

Kwon to Be Granted Bail in Montenegro Travel Document Forgery Case

On Friday, the court in Montenegro released a notice stating that the court would release Do Kwon, the founder of Terraform Labs, on supervised bail. At the same time, he faces trial for document forgery charges in Montenegro.

Local authorities released an official document on May 12 stating that the court has approved the proposed bail offer for Kwon and Han Chang-Joon, the chief financial officer of Terraform Labs. The judge has set bail amounts of 400,000 euros ($436,000) for both individuals. The authorities gave house arrest to the two accused individuals instead of arresting them.

According to the documents, the court’s operational budget would allocate the bail to a designated section in case of a breach of house arrest. A recent notice stated that individuals must verify their travel documents and identity cards, which the competent authorities of Belgium reportedly issued. It would be necessary to verify the authenticity of these documents.

In May 2022, the Terra ecosystem’s collapse was one of the significant factors that led to the crypto industry’s winter. The prices of major cryptocurrencies, including Bitcoin, plummeted, and established players like the crypto hedge fund Three Arrows Capital (3AC) went bankrupt. The state prosecutor has opposed the bail request made by Kwon and Han, citing their lack of interest in staying in Montenegro despite having sufficient financial means.

In March of 2023, Montenegrin authorities detained Kwon and Chang-Joon at the Podgorica airport on suspicion of owning forged travel documents. In October 2022, authorities in South Korea took their passports.

The $40 billion collapse of the Terra ecosystem in May 2022 shook the crypto market, and Interpol has been looking for the co-founder of Terraform Labs ever since. The trial date for the present criminal case in Montenegro is June 16.

On May 10, South Korean authorities reportedly froze Kwon’s assets worth $176 million. Recent reports indicated that law enforcement officials have been conducting an ongoing criminal investigation.

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