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Terraform Labs Founder Do Kwon Released on Bail on Passport Fraud Charges

1 min In Brief

  • Terraform Labs founder Do Kwon gets a temporary reprieve after passport fraud charges.
  • Kwon and co-defendant Han Chang-joon will be under surveillance and confined to their apartment.
  • US and South Korea seek extradition of Kwon in connection to Terraform Labs’ collapse.
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 Terraform Labs Founder Do Kwon Released on Bail on Passport Fraud Charges

A Montenegrin court has granted bail to Terraform Labs founder Do Kwon, who faces charges of passport fraud. In addition to even more serious charges in other jurisdictions.

Terraform Labs founder Do Kwon will out on bail following his detainment on passport fraud charges. Reports from local media suggest that prosecutors accepted a deal worth €400,000. Authorities will release Kwon and his co-defendant, Han Chang-joon, ahead of the trial.

Do Kwon’s Claims of Innocence

Prosecutors had looked reluctant to grant bail in this case. In a hearing yesterday, where Kwon pleaded not guilty to the charges, prosecutors looked reluctant to grant bail. Defense attorney Branko Andjelic proposed a €400,000 ($437,000) bail for each person, with house arrest at Do Kwon’s girlfriend’s home.

But prosecutor Haris Sabotic strongly objected, citing their financial resources and a potential flight risk.

As part of their bail conditions, authorities will place Kwon and Terra executive Han Chang-joon under surveillance and confine them to their apartment.

Police nabbed both men at a Montenegrin airport in March for allegedly using false travel documents from various countries. Both individuals maintain that the passports they used were genuine.

Extradition to the US and South Korea

Yesterday, Kwon said that he wouldn’t run if bail were granted. He said in English: “I agree to security measures, I will show up when requested.”

Observers could see the bail sum as modest for someone reported to have $100 million in a Swiss bank. Both the United States and South Korea have requested the pair’s extradition from Montenegro to face criminal charges tied to the collapse of Terraform Labs.

Kwon first disappeared shortly after the implosion of Terra/Luna. The ensuing crisis wiped out $45 billion in market capitalization within a week