Montenegro Court Set to Release Do Kwon on $436000 Bail
On Friday, the judge at the Podgorica court agreed to release the co-founder of Terraform Do Kwon on bail. The official report from the court highlighted the conditions under which Do Kwon will be freed from jail.
The court report stated that Do Kwon and his counterpart Chang-joon Han would be released on bail, amounting to $436000 each. Do Kwon and Han, who has been in detention since April, will be freed after settling the bail.
Court Agrees to Release Do Kwon
After the release, Do Kwon and Han will be handed to house arrest, which will include restrictions on travel. The two South Korean nationals were arrested on March 24 at an airport in Montenegro where he submitted fake documents.
The court revealed that the two were arrested with fake Costa Rica and Belgian passports awaiting identity confirmation to onboard a flight to Dubai. After examining Do Kwon’s case, the law enforcers observed that Do Kwon and Han attempted to flee their home country to Arab countries.
The long escape aimed at evading further potential action after being charged with crypto fraud. Initially, the New York Court charged Do Kwon and his ally for conspiring to engage in crypto fraud, price manipulation, and defrauding the investors.
In May 2022, the South Korean authority demanded Interpool to issue a red notice for Do Kwon with five other individuals connected to the Terraform scandal. It was reported that the Do Kwon-led project manipulated the price of TerraUSD, amounting to $40 billion.
Review of Do Kwon’s Court Proceedings
Besides Do Kwon’s misconduct, it was observed the prolonged crypto winter and the price fluctuation of major crypto such as Bitcoin were the key drivers towards the collapse of Terra. After his arrest, Do Kwon tweeted that he was not running away from the charges submitted by the South Korean authority.
On May 11, a prosecutor at the Montenegro court argued that the two had accumulated immense wealth but lacked “zero interest” in remaining in Southeastern Europe. Following the prosecutor’s criminal charges, the South Korean authority ordered Do Kwon’s assets worth $176 million to be frozen for further legal investigation.
Responding to the prosecutor, the defendant mentioned that the two suspects own assets worth millions. The legal team representing the accused requested the court to grant a release on bail. They pledged that their wives would settle the payment once bail was granted.
Also, they promised to observe the court orders and appear in all legal proceedings till the end. The May 11 court hearing was the first time Do Kwon and his friend appeared before the court after two months of detention. At the court, the prosecutors summoned Do Kwon for presenting a fake travel document at the airport.
Will Court Release Do Kwon?
Before the arrest, the prosecutors noted that Do Kwon and Han owned genuine passports issued by the Korean immigration service. Last October, the law enforcer in South Korea confiscated Do Kwon’s travel documents.
Responding to the prosecutor’s accusation, the two suspects explained that the Costa Rican passport was genuine. Following this, the court ordered the regulators to examine whether the Belgium passport was real.
In addition, it was reported that the US authority had submitted a fresh lawsuit against Do Kwon last year. The US Securities Exchange Commission accused Terraform creator of failing to provide investors with accurate, reliable, and convenient information concerning crypto assets.
In support of the SEC filing, the South Korean authorities stated that they had pursued the Terraform CEO for contravening the market prices. While the US and South Korea attempt to bring Do Kwon to legal action, the court decision on the current fake passport case will determine the prosecutors’ disciplinary action against the two.
According to the South Korean regulation, the use of falsified documents ranks among the serious offences that can subject one to a jail term that exceeds five years.
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