A court in Montenegro has accepted the proposed bail terms of embattled Terra Labs co-founder, Do Kwon. According to a court document released today, Do Kwon is set to regain freedom since his arrest in March. As revealed, the Terra Labs boss will pay $436,000 and will be placed under house arrest pending his trial.
More so, the document revealed other conditions in the bail proposal. According to the document, the bail will move into the “Special Section” reserved for the court’s working allocation if Do Kwon violates the bail condition. Also, there are ongoing efforts to determine the genuineness of travel documents and ID cards local authorities seized from Do Kwon during his arrest. There are emerging allegations that relevant authorities in Belgium approved the controversial traveling documents.
Meanwhile, the documents revealed that the release of Do Kwon can be overturned. Accordingly, prosecutors can appeal the decision within the next three days. The latest development surfaced a day after representatives of Do Kwon submitted a bail condition request to the authorities in Montenegro.
Recall that in March, security operatives arrested Do Kwon for attempting to leave Montenegro with fake traveling documents. According to the Interior Minister, the Terra Labs Co-Founder wanted to travel to Dubai on a private flight with fake Costa Rican traveling papers. Consequently, he was indicted with criminal charges for forging fake traveling papers.
Highlight of the legal troubles surrounding Do Kwon
Do Kwon has been on the run since the South Korean authorities declared him wanted last year. Authorities in the country urged the Terra boss to turn himself in for investigation after the collapse of LUNA and UST. Presently, there are trials awaiting Do Kwon in South Korea and the United States.
In September 2022, a court in South Korea issued an arrest warrant for the Terra Labs boss. The court stated that Do Kwon breached capital markets laws. Prosecutors from the country have been on the hunt for him. In February, they traveled to Serbia hoping to arrest him.
The collapse of LUNA and UST affected scores of institutional and individual investors, wiping over $40 billion from the crypto space. Additionally, the collapse of two projects triggered the crypto winter of 2022. Leading to various controversies about Do Kwon. Terra Labs launched the Luna Classic to cover for the loss of the meltdown of LUNA and UST. However, the project has failed to reward investors truly.