Share this article
Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars
Do Kwon Set to Be Released on Bail in Montenegro Travel Document Forgery Case
Bail conditions prohibit Kwon from leaving his apartment in the country as the trial continues.
Terraform Labs founder Do Kwon is set to be released from Montenegro jail on supervised bail as his trial on document forgery charges continues, a court notice from Friday shows.
The Basic Court of Podgorica said in its statement that it has accepted a proposal made by Kwon's lawyers on Thursday to pay 400,000 euros ($435,000) to release him from custody. Under the conditions of bail, the defendants in the case – Kwon and Terra executive Han Chang-joon – will be under surveillance and be prohibited from leaving their apartment.
STORY CONTINUES BELOW
The two were arrested by Montenegrin authorities in March for attempting to travel with falsified documents. Both the U.S. and South Korea have requested his extradition from Montenegrin authorities to face criminal charges over the collapse of Kwon's crypto enterprise Terraform Labs in May last year.
During the hearing, the defendants indicated they had "property worth several million" and the bail amount will be paid by their wives, the court's statement said. Prosecution objected to the bail proposal, saying there was no guarantee that Kwon was not a flight risk.
Meanwhile, the two defendants "promised that if bail is set, they will not hide until the end of the criminal proceedings, that they will regularly respond to court summons and that they will be available at the address provided by their defense attorney."
Kwon's next trial date is set for June 16. Parties unsatisfied with the bail decision have three days to appeal.
Read more: Do Kwon's Attorneys Propose $437K Bail, Deny Falsified Travel Documents Charges in Montenegro
Sandali Handagama
Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She is an alumna of Columbia University's graduate school of journalism and has contributed to a variety of publications including The Guardian, Bloomberg, The Nation and Popular Science. Sandali doesn't own any crypto and she tweets as @iamsandali
More For You
Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
