Do Kwon granted bail at €400,000 – against prosecutors wishes

Terraform Labs co-founder Do Kwon will be released on bail alongside company CFO Han Chong-Joon — against the wishes of prosecutors.

The Montenegro court has set a fee of €400,000 ($436,000) per person, according to Bloomberg.

Upon release, both men will be under house arrest with police supervision in the country’s capital, Podgorica.

In winning the bail, defense lawyer Branko Andjelic told the court neither man is a flight risk — offering his girlfriend’s apartment as the place of house arrest.

Prosecutors argued that the bail amount is inconsequential when considering Do Kwon’s wealth.

Do Kwon captured

On March 23, the pair were arrested at Montenegro Podgorica Airport after suspicious travel documents were noted.

The capture provided a dramatic twist to the ongoing multi-billion dollar fraud that unraveled as Terra LUNA collapsed under the weight of the TerraUST de-peg on May 10, 2022.

Since being incarcerated, several incidents have come to light, including forming a new shell company with help from Serbian lawyers and the U.S. Securities and Exchange Commission filing charges against Do Kwon.

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