Troubled Terra (LUNA) founder Do Kwon is placed under house arrest in Montenegro after posting bail.
According to a new document released by Montenegrin authorities, Do Kwon and Han Chang-Joon, Terra’s former chief financial officer, have each posted $435,000 to post bail, but will be forced to remain under house arrest until the end of their term. criminal procedure.
“The court accepted the offered bail of 400,000 euros each for the defendants [Kwon and Chang-Joon] and ordered that they be released upon payment of this sum. According to the defendants, a surveillance measure has also been determined – a ban on leaving the apartment, which will be enforced by the police.”
The duo also pledged that if their bail was established, they would not hide, would regularly respond to court summonses, and would always be available at the address where they reside.
However, the prosecutor’s representative says this may not be enough to allow the suspects to remain in the Balkan country to face their forgery charges.
“The representative of the prosecution objected to the above proposal, pointing out that the amount offered does not guarantee the presence of the defendants and that the defendants have no interest in remaining on the territory of Montenegro.”
Kwon was initially arrested in Montenegro in March after attempting to board a flight to the United Arab Emirates using a Costa Rican passport that was allegedly forged.
Earlier this month, South Korean authorities sought to extradite Kwon on charges of fraud and market manipulation in his native country.
He is wanted for allegedly defrauding investors and using trading bots to manipulate the market in conjunction with the multibillion-dollar demise of the Terra ecosystem, which saw its algorithmic stablecoin TerraUSD and its own asset LUNA collapse last year.
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Featured image: Shutterstock/Vladi333