A Montenegrin court has again granted bail to Do Kwon, co-founder of Terraform Labs accused of fraud in South Korea and the United States, after an appeal by local prosecutors failed. In an announcement on Friday, the Podgorica Primary Court said it had re-confirmed bail terms set on May 12 that Kwon and Terraform Labs CFO Han Chang Jun pay 400,000 euros ($428,241).
Moreover, as per the terms of their bail, the local police will keep the duo under strict supervision, and no one is allowed to leave the apartment where they are being held. The ad added that non-compliance would result in them losing their bail terms.
It was reported that Kwon and Han were on the run after investigating the May 2022 collapse of Terraform Labs’ cryptocurrency projects TerraUSD and Terra LUNA, which wiped out more than $40 billion from the cryptocurrency space. The two, both South Korean citizens, were arrested at Podgorica airport in March while trying to leave Montenegro using fake travel documents.
In May, the Podgorica Basic Court granted them bail, but the prosecutors later appealed the ruling and the Supreme Court overturned it on the grounds that the defendants’ property had not been adequately assessed. However, the decision was reversed on Friday.
“The Court appreciated that they were persons who were not Montenegrins, and therefore accepted their statements about the value of the property they owned, which were supported by concrete evidence,” the Basic Court He said
(Translated by Google).
According to a local newspaper, Vegesti, lawyers representing Kwon and Han recently submitted documents regarding the defendants’ financial status as evidence before the courts.
More time is required to authenticate “fake documents”
Furthermore, the court said it needed sufficient time to verify the authenticity of the Belgian passports and identity cards found with Kwon and Han. Earlier, the couple’s passports were confiscated in South Korea.
Plaintiffs in the case have been given three days to appeal the court’s latest decision, with the next hearing set for June 16.
In February, US federal securities regulators charged Do Kwon with commodities and securities fraud, wire fraud and conspiracy to defraud investors in market manipulation. Similarly, the Securities and Exchange Commission (SEC) charged Kwon with operating a “billion-dollar securities fraud with crypto assets.”
Brokeree, Advance Markets Partner; Illegal brokers read nuggets news today.
A Montenegrin court has again granted bail to Do Kwon, co-founder of Terraform Labs accused of fraud in South Korea and the United States, after an appeal by local prosecutors failed. In an announcement on Friday, the Podgorica Primary Court said it had re-confirmed bail terms set on May 12 that Kwon and Terraform Labs CFO Han Chang Jun pay 400,000 euros ($428,241).
Moreover, as per the terms of their bail, the local police will keep the duo under strict supervision, and no one is allowed to leave the apartment where they are being held. The ad added that non-compliance would result in them losing their bail terms.
It was reported that Kwon and Han were on the run after investigating the May 2022 collapse of Terraform Labs’ cryptocurrency projects TerraUSD and Terra LUNA, which wiped out more than $40 billion from the cryptocurrency space. The two, both South Korean citizens, were arrested at Podgorica airport in March while trying to leave Montenegro using fake travel documents.
In May, the Podgorica Basic Court granted them bail, but the prosecutors later appealed the ruling and the Supreme Court overturned it on the grounds that the defendants’ property had not been adequately assessed. However, the decision was reversed on Friday.
“The Court appreciated that they were persons who were not Montenegrins, and therefore accepted their statements about the value of the property they owned, which were supported by concrete evidence,” the Basic Court He said
(Translated by Google).
According to a local newspaper, Vegesti, lawyers representing Kwon and Han recently submitted documents regarding the defendants’ financial status as evidence before the courts.
More time is required to authenticate “fake documents”
Furthermore, the court said it needed sufficient time to verify the authenticity of the Belgian passports and identity cards found with Kwon and Han. Earlier, the couple’s passports were confiscated in South Korea.
Plaintiffs in the case have been given three days to appeal the court’s latest decision, with the next hearing set for June 16.
In February, US federal securities regulators charged Do Kwon with commodities and securities fraud, wire fraud and conspiracy to defraud investors in market manipulation. Similarly, the Securities and Exchange Commission (SEC) charged Kwon with operating a “billion-dollar securities fraud with crypto assets.”
Brokeree, Advance Markets Partner; Illegal brokers read nuggets news today.