Terra LUNA co-founder Do Kwon’s success appealed He is defying the prosecutor’s request for detention and is out on bail as of June 5.
The Podrigabasic Court, which oversees the case, granted bail and accepted an initial amount of $400,000. The high court had previously canceled Kwon’s bail on May 18 after prosecutors said the bail was not a sufficient indicator of his wealth.
Prosecutors had asked to dismiss Kwon’s bail on the grounds that he had not fully declared his assets and that his bail was too low.
However, the Basic Court ruled that the disclosure was sufficient after reviewing the information provided on the grounds that Kwon and former Terra executive Han Chang-joon were not citizens. It further concluded that the bail was sufficient to deter the two from fleeing.
As part of his bail, the court set conditions of house arrest and heavy surveillance. The two are forbidden to leave the apartment until the case is over. If convicted, in Montenegro the sentence is three to five years in prison.
The court also said the forged documents required further verification by Belgian authorities and instructed prosecutors to do so.
The next public hearing is scheduled for June 16.
delivery
Kwon’s home country of South Korea and the United States are considering extradition and local prosecution of Kwon for his role in the Terra Luna bankruptcy and billions in losses suffered by investors.
Both countries have requested an extradition from the Montenegrin authorities. However, the state has rejected the original request and plans to first indict Mr. Kwon for local criminal offenses.
It is unclear whether Montenegro will then hand Kwon over to the United States or South Korea.
Montenegro’s government said it would accept an extradition request after he was cleared of all charges or served an appropriate sentence in the country.
arrest
Kwon was arrested at the airport in Podriga, Montenegro, in late March. He was detained by local authorities for using a fake identity card to board a flight from Podriga to Dubai.
Authorities found three different passports, including a Belgian passport, from Kwon’s identity.
He was subsequently arrested and put on trial for domestic criminal charges. Kwon has pleaded not guilty to all charges.
The appeal was successful and Do Kwon’s post, who is out on bail under house arrest, first appeared on CryptoSlate.
