Do Kwon’s Attorneys Deny His Using Falsified Travel Documents And Propose $437K Bail
Attorneys for Terraform Labs founder Do Kwon have proposed he is let off on supervised bail.
By Anna B Kiwanuka
Do Kwon, founder of Terraform Labs, is currently facing charges for attempting to go to Montenegro with falsified passports. His attorneys have now suggested that he be released on supervised bail.
Montenegrin authorities arrested Kwon and fellow Terra executive Han Chang-joon in March, and they were charged with document forgery by local prosecutors.
The defendants denied committing a crime and presented their defense at a court hearing held on Thursday in the country’s capital Podgorica.
“Instead of detention, the defendant’s lawyer suggested that bail and supervision measures be imposed, prohibiting them from leaving the apartment and periodically reporting to a certain state authority,” a notice on the outcome of the hearing said.
The two Korean nationals, who are still in detention, had bail set at 400,000 euros ($437,000) each by their attorneys. The next trial date is scheduled for June 16, and the court has stated that it will decide on the proposal.
After the Montenegrin case’s legal proceedings, Kwon could be extradited to South Korea or the United States. Kwon is accused of crimes in both nations for the $40 billion market loss caused by the failure of his cryptocurrency company Terraform Labs in May 2022.