Do Kwon is Once Again Released on Bail
- Do Kwon has maintained that his travel documents were not falsified.
- Both Kwon and Chang-Joon will forfeit their bail if either of them violates their bail conditions.
- Do Kwon and Chang-Joon face up to 5 years in prison if found guilty of traveling with forged documents.
Former Terraform Labs co-founder Do Kwon will once again be released on bail following the approval of his bail request of roughly $427,900 (€400,000). Reports confirmed that the court handling his case verified that his property was worth millions.
A Montenegrin court on June 2 dismissed the prosecutor’s request for an appeal, allowing Do Kwon and Terraform Labs’ chief financial officer Han Chang-Joon to await trial while under house arrest.
Kwon and Chang-Joon have spent weeks in custody following their arrest in March for traveling with forged documents. Interestingly, this would be the third time the court has granted a ruling on Do Kwon’s request for bail. Both parties were originally granted bail in May for a combined sum of nearly $856,000.
The bail request was hindered in part by the projected value of Kwon’s property. The former Terra CEO and Chang-Joon claimed last month that they owned “property worth millions.” However, the High Court in Montenegro challenged this claim and revoked their bail. The court maintained that Do Kwon’s claims lacked “concrete evidence.”
The high court finally verified the worth of the property after accessing documents such as a sales contract, bank account statements, and invoices. The court said it considered bail because the duration of the case is currently unknown. It also added that “the possibility of losing the security deposit in the amount of EUR 400,000.00 each had a sufficiently discouraging effect on the defendants to dissuade them from any desire to escape.”
Do Kwon has maintained that his travel documents were not forged. As a result, Montenegrin authorities plan to verify the authenticity of the papers with their Belgian counterpart. If found guilty, Kwon and Chang-Joon could face up to five years in prison.
Chang-Joon and Kwon are being held under strict bail conditions and are not expected to leave their residence in Montenegro. Local law enforcement agents will monitor the duo, according to the court. Both parties will forfeit their bail if they violate the conditions of their release.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
