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Montenegrin authorities have filed charges against Do Kwon and his former assistant Han Chang Joon as Terra’s co-founder’s lawyers requested bail conditions.
According to a notice from the Montenegrin judiciary dated May 11, lawyers representing Kwon and Jang Joon have offered to place them under house arrest after posting 400,000 euros — roughly $436,000 at press time — each as bail. The legal team said that under such conditions, the two defendants could be limited to an apartment in Montenegro with “an obligation to periodically report to state authorities.”
In March, Montenegrin authorities arrested Kwon and Jang Joon at the Podgorica airport for using “forged documents” – reportedly forged passports. Although officials from both the US and South Korea have made efforts to extradite the Terra co-founder to their respective jurisdictions, he is likely to be the subject of legal proceedings in Montenegro first.
Through their lawyers, Kwon and Jang-jun denied the charges, and prosecutors opposed the proposed bail conditions. Their criminal proceedings are expected to begin on June 16.
Related: Prosecutor says Do Kwon’s extradition to South Korea would best serve victims of Terraform Labs: report
The collapse of Terra and the depegging of the stablecoin TerraUSD (at that time UST) was one of the first disasters of 2022 that triggered a major crash in the cryptocurrency market. Reports said South Korean authorities had frozen about $176 million in Kwon’s personal assets while his criminal case continues.
