A c ourt in Mon tenegro on Fr iday ap proved a se cond b ail re quest f or Ter raform L abs co- founder K won Do- hyeong a nd fo rmer c hief fin ancial of ficer H an Cha ng-joon, w ho f ace all egations of u sing f ake pas sports. K won is also wa nted on f raud ch arges in S outh K orea a nd t he U .S. An earlier 800,000 E uros (US$ 856,000) b ail approval w as overruled by t he H igh Co urt in May, w hich req uested m ore de tails on t he fi nances of t he t wo m en a nd s ent t he b ail re quest b ack to t he l ower co urt.
S ee re lated ar ticle: Terraform CEO Do Kwon’s bail revoked in Montenegro
Fast facts
The Basic Court in the capital Podgorica ruled the two South Korean nationals be released from jail to house arrest after lawyers for the two men provided more details on their financial situation, according to the court’s official statement on Friday.
“The unsatisfied party has the right to appeal against the said decision within 3 days,” the statement said in reference to local prosecutors, who appealed against the first bail approval.
The next court trial for Kwon and Han is expected to take place on June 16. The two were arrested at Podgorica airport on March 23 for allegedly attempting to fly out of the country using fake passports. Kwon and Han have denied charges of forging travel documents
Kwon, who led the Terra-Luna cryptocurrency project until its US$40 billion collapse a year ago, was under an Interpol Red Notice that requested law enforcement agencies detain him, following fraud charges by South Korean authorities.
Kwon is also wanted in the U.S. Prosecutors in both countries accuse him of fraud, securities law violations and other charges related to the collapse of the Terra stablecoin and Luna cryptocurrency.
Kwon has denied all the allegations against him. He has admitted mistakes were made in the Terra-Luna project managed by Terraform Labs, but argues there was never any intent to deceive investors.
S ee re lated ar ticle: Prosecutor says Terra-Luna fugitive Do Kwon should face trial in South Ko rea: WSJ
S ee re lated ar ticle: Terraform CEO Do Kwon’s bail revoked in Montenegro
Fast facts
The Basic Court in the capital Podgorica ruled the two South Korean nationals be released from jail to house arrest after lawyers for the two men provided more details on their financial situation, according to the court’s official statement on Friday.
“The unsatisfied party has the right to appeal against the said decision within 3 days,” the statement said in reference to local prosecutors, who appealed against the first bail approval.
The next court trial for Kwon and Han is expected to take place on June 16. The two were arrested at Podgorica airport on March 23 for allegedly attempting to fly out of the country using fake passports. Kwon and Han have denied charges of forging travel documents
Kwon, who led the Terra-Luna cryptocurrency project until its US$40 billion collapse a year ago, was under an Interpol Red Notice that requested law enforcement agencies detain him, following fraud charges by South Korean authorities.
Kwon is also wanted in the U.S. Prosecutors in both countries accuse him of fraud, securities law violations and other charges related to the collapse of the Terra stablecoin and Luna cryptocurrency.
Kwon has denied all the allegations against him. He has admitted mistakes were made in the Terra-Luna project managed by Terraform Labs, but argues there was never any intent to deceive investors.
S ee re lated ar ticle: Prosecutor says Terra-Luna fugitive Do Kwon should face trial in South Ko rea: WSJ