Montenegrin Basic Court Reapproves Do Kwon’s $430K Bail Request

The Basic Court of Podgorica in Montenegro has reapproved a bail request of $430,000 for Do Kwon, the co-founder of Terraform Labs and the collapsed Terra-Luna ecosystem. This decision comes after a recent appeal by prosecutors, who sought to overturn the lower court’s initial ruling to release Kwon pending trial proceedings for document forgery allegations.

The Basic Court’s official statement explained that the new decision took into account various factors, including the defendants’ financial situation, the seriousness of the criminal offense, personal and family circumstances, and the financial standing of the individuals providing bail. As a result, both Do Kwon and his associate, Han Chong-Joon, will be released on bail and placed under house arrest in an apartment monitored by the police.

Prosecutors’ Appeal Overturned

Initially, Kwon’s defense lawyers proposed the release of the co-founder and his associate on the condition that they would remain at a specified address and regularly appear in court for trial hearings. However, the prosecutors opposed this proposal, arguing that there were no compelling reasons for Kwon and Joon to stay in Montenegro until the next hearing date. The prosecutors appealed the decision at the High Court, which subsequently overturned the initial ruling, leading to their continued detention.

While Kwon and his associate await further proceedings under house arrest, the court will conduct an investigation into the authenticity of the travel documents and identity cards found in their possession during their arrest at Podgorica airport. Kwon has maintained his innocence, denying the charges of document forgery. Notably, Kwon was apprehended while attempting to flee to Dubai on a private jet after evading authorities for several months.

Montenegrin authorities have made it clear that Kwon must face criminal proceedings within the country before any potential extradition to either the United States or South Korea, where he may face further legal consequences related to the collapse of the Terra ecosystem.