Do Kwon Granted Release After Approval of $436,000 Bail

• Prosecution attorney Haris Sabotic expressed objections to the proposal.
• The pair will not depart Montenegro unlawfully and will remain until the legal proceedings conclude.

Following a judge’s approval of bail set at €400,000 ($436,000), Do Kwon, co-founder of Terraform Labs, is expected to be released from custody while awaiting trial, as reported by a Montenegrin news outlet.

The CEO of Terraform Labs, a 31-year-old South Korean citizen, along with the company’s former chief financial officer, Han Chang-joon, were apprehended in March while attempting to board a private flight to Dubai with allegedly forged travel documents.

Bail Granted with Strict Conditions

As per local reports, the defendants provided the court with details regarding their financial status, asserting that they possess assets and real estate valued in the millions. They also indicated that their spouses would be accountable for the necessary payment.

Additionally, they assured that if bail is approved, they would not leave Montenegro unlawfully and would remain until the legal proceedings are completed. They also committed to attending court hearings regularly and highlighted that they would stay at the address provided by their attorney at all times if bail were granted.

Prosecution attorney Haris Sabotic raised concerns regarding this proposal, stating that the defendants had no intention of staying in Montenegro and were instead looking to seek asylum elsewhere. Sabotic also pointed out that no criteria had been established to determine monitoring measures to oversee their actions.

The CEO of Terraform Labs and his associate entered a plea of not guilty in a Montenegrin court on Thursday, as previously reported. Kwon is sought for extradition by both South Korea and the United States, but Montenegrin authorities maintain that the crypto entrepreneur will remain in their jurisdiction until all outstanding criminal matters are resolved.