In March, the Terra founder, Do Kwon, was arrested at Podgorica airport. He has been released from custody on bail, according to a report by Montenegrin news site Pobjeda.
The Court In Montenegro accepted the offered bail of € 400,000 each to South Korean citizens Do Kwon and Hon Chand Jun. They are accused of committing the criminal offense of document forgery and ordered that they be released upon payment of this amount.
The defendants clarified their financial situation to the court, indicating that they have property worth several million and that their wives would pay the specified amount. They also promised that if bail is set, they will not hide until the end of the criminal proceedings, that they will regularly respond to court summons and that they will be available at the address provided by their defense attorney.
Kwon was arrested in Montenegro in March and accused of trying to leave the country with a fake passport.
After the collapse of the Terra ecosystem, Kwon went into hiding. Now the U.S. and South Korea are wrestling over possible extradition. Both countries have filed fraud charges and violations of the Capital Markets Act.
According to a South Korean news agency, prosecutors have frozen Do Kown’s assets – about $176 million.
