Montenegro Court Grants Second Bail for Terraform Labs Co-founder

Montenegro court approves second bail request for Terra-Luna founder Do Kwon

On Friday, a court in Montenegro granted a second bail request for Kwon Do-hyeong, co-founder of Terraform Labs, and Han Chang-joon, former CFO of the organization. The two individuals are facing charges related to the use of counterfeit passports. Kwon is also wanted in South Korea and the U.S. on fraud charges. Previously, an 800,000 Euros bail approval was overturned by the High Court in May, which demanded further financial information and referred the request back to the lower court.

According to the official statement from the Basic Court in Podgorica, the two South Korean nationals, Kwon Do-hyeong and Han Chang-joon, will be released from jail and placed under house arrest. This decision was made after their lawyers provided additional details regarding their financial situation. The statement also mentioned that local prosecutors, who had previously appealed against the first bail approval, have the right to appeal the latest decision within three days.

The next court trial for Kwon and Han is scheduled for June 16. The arrests of the two individuals took place on March 23 at Podgorica airport, where they were allegedly attempting to leave the country using counterfeit passports. Both Kwon and Han have denied the charges of forging travel documents.

Kwon, who was formerly in charge of the Terra-Luna cryptocurrency project, has been subject to an Interpol Red Notice, urging law enforcement agencies to detain him due to fraud charges filed by South Korean authorities. Additionally, he is also wanted in the United States. Prosecutors in both countries have accused him of various offenses, including fraud, securities law violations, and other related charges in connection with the collapse of the Terra stablecoin and Luna cryptocurrency.

Kwon vehemently denies all the allegations brought against him. While he acknowledges that mistakes were made during the Terra-Luna project led by Terraform Labs, he asserts that there was never any intention to deceive investors.

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