Do Kwon’s Bail Terms Accepted: $436,000 for Terra Luna Founder

• Montenegro court has accepted the bail offer of $436,000 per person for Terra founder Do Kwon and his former aide Han Chang-joon.
• The court has put them under house arrest instead of being taken into custody.
• South Korean authorities have frozen $176 million of Kwon’s personal assets as part of the ongoing criminal proceedings.

Do Kwon’s Bail Terms Accepted by Montenegro Court

The Montenegro court granted approval to the bail terms proposed by lawyers for Terraform Labs founder Do Kwon who was charged with the criminal offense of document forgery under Montenegrin law. The court accepted a proposed bail offer of 400,000 euros ($436,000) each for Kwon and his former aide Han Chang-Joon in addition to putting them under house arrest instead of taking them into custody.

Verifying Travel Documents and Identity Cards

The notice issued by local authorities also said that it would be necessary to verify the authenticity of travel documents and identity cards which were allegedly issued by competent authorities of Belgium. If the party is unsatisfied with the court decision, they have three days to repeal it.

Kwon Arrested at Podgorica Airport

Kwon and Chang-Joon were arrested by Montenegrin authorities in March 2023 at Podgorica airport for allegedly using false documents. Interpol had wanted Terraform Labs co-founder since October 2022 due to his part in the Terra ecosystem’s $40 billion collapse in May 2022 that rocked the crypto industry. The criminal trial is set to begin on June 16th.

South Korea Freezes Assets

Reports from May 10 revealed that South Korean authorities had frozen $176 million out of Kwon’s personal assets as part of this ongoing criminal proceeding.

Conclusion

The Montenegro court accepted a proposed bail offer for Do Kwon and Han Chang-Joon instead of taking them into custody while verifying authenticity of travel documents issued from Belgium before starting their criminal trial on June 16th, 2021 . In addition, South Korea has frozen $176 million out of Kwon’s personal assets as part these proceedings