Do Kwon's Attorneys Propose $437K Bail, Deny Falsified Travel Documents Charges in Montenegro
Montenegrin authorities arrested the Terra founder in March for allegedly attempting to travel with fake documents.
May 11, 2023 at 1:35 p.m. UTC
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Attorneys for Terraform Labs founder Do Kwon have proposed he be let off on supervised bail as he faces charges in Montenegro for attempting to travel with falsified documents.
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.
Lawyers for the two Korean nationals – who remain in custody – proposed bail at 400,000 euros ($437,000) each. The court has said it will decide on the proposal, and the next trial date is set for June 16.
After legal proceedings concerning the Montenegrin case are wrapped up, Kwon faces extradition to either the U.S. or South Korea. In both countries, Kwon faces criminal charges on the collapse of his crypto enterprise Terraform Labs in May 2022, which wiped out $40 billion from the market.
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Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She does not own any crypto.