The former CEO of the Terra blockchain Do Kwon and his associate Han Chang Joon were granted bail by the Montenegro court for $436,000 each along with being put under house arrest.
As per the official notice published by local authorities on May 12, the court has accepted the offered bail of EUR 400k each for the defendants and ordered that they be released upon payment of this amount.
“If the defendants escape or violate the supervision measure, the bail is forfeited and entered into a special section of the budget for the work of the courts,” the court warned.
As stated in the bail document, they also promised that if bail is set, they will not hide until the end of the criminal proceedings, that they will regularly respond to court summons, and that they will be available at the address provided by their defense attorney.
Following his arrest by Montenegro authorities due to using fake travel documents, the Terra founder pleaded not guilty at the Basic Court in Podgorica, according to a Bloomberg report.
The bail came after Kwon’s attorneys had submitted their request for such terms to the Montenegrin authorities.
A year ago, the collapse of TerraUSD [UST], the stablecoin created by Terraform Labs became one of the crypto industry’s worst debacle as it wiped out tens of billions of dollars for investors.
Since then, Kwon and his staff have been slapped with lawsuits in Korea, Singapore, and the U.S. stemming from TerraUSD’s collapse.
Meanwhile, Daniel Shin, Kwon’s long-time business partner and Terra co-founder is set to make a formal court appearance at the Seoul Southern District Court for his first trial on May 26, TronWeekly reported the other day.
Terra’s Do Kwon Assets Seized After This
Shin, a co-accused in the stablecoin project failure was recently indicted by South Korea on violations of capital-markets law among other charges.
He and nine other staff members of Terraform Labs face multiple charges, for illegal trading; two others are accused of breach of trust.
In addition to that, a Seoul Court gave the green signal to seize $176 million in assets owned by Do Kwon after local reports emerged that the disgraced founder had allegedly concealed $100 million in a Swiss bank account.