Do Kwon to be released on 400,000 euro bail

Do Kwon, figure and co-founder of TerraForm Labs

Do Kwon, figure and co-founder of TerraForm Labs

A Montenegrin judge agreed to submit in freedom the founder of Terra by means of a deposit from 400 000 euros.

A court of Montenegro accepted the request for release of the leaders of Terraform Labs, Do Kwon and Hon Chang Joonin exchange for the payment of a 800,000 euro deposit (400,000 euros each), reported this Friday the Montenegrin daily Pobjeda.

Accused by the Montenegrin authorities of having falsified identity documents (passports), the two South Korean crypto entrepreneurs were arrested at Podgorica airport at the end of March.

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Do Kwon and Hon Chang Joon, who also face charges in the U.S. and South Korea for the Terra Luna case, said their wives would be able to make bail.

The decision comes as Montenegro’s Justice Ministry announced last month that it was extending Kwon and Chang Joon’s detention because there was a “risk of escape.”

During the hearing, the judge said the possibility of losing the 400,000 euro bail had ” a sufficient deterrent effect ” on the defendants to discourage them from fleeing.

Kwon and Chang Joon assured that they would not attempt to flee and would remain at the disposal of the authorities. They should be placed under house arrest.

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