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South Korean Crypto King Do Kwon Granted Bail of €400,000 in Montenegro Fraud Case

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Nimrah Khatoon
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A court in Montenegro has approved the release of Do Kwon, the founder of Terraform Labs, and Han Chang Jun, the CFO, on bail of €400,000 each, according to local reports from Robjeda. The court stipulated that both individuals must remain under house arrest at an address provided by their lawyer. As part of their release conditions, Do Kwon and Han Chang Jun have pledged not to evade authorities, or respond to subpoenas, and their wives will be responsible for paying the bail amount.
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Court Grants Bail Amid Concerns of Escape

The prosecution had initially opposed bail, expressing concerns that Do Kwon and Han Chang Jun may attempt to flee Montenegro. However, the court determined that the bail amount of €400,000 would sufficiently mitigate the risk of their escape. The decision was made in light of preventing flight and ensuring their presence during legal proceedings.
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Do Kwon and Han Chang Jun were apprehended at Podgorica airport in late March 2023 while attempting to depart for Dubai using counterfeit documents? Subsequently, the Montenegrin prosecutor's office charged Do Kwon with forgery in April. In addition, the United States and South Korean authorities have accused the Terraform Labs founder of fraud, leading to extradition requests from both countries. However, Montenegrin authorities have stated that the extradition process will commence only after the court reviews the falsification of the documents case.

Red Warrants and Criminal Charges

The United States and South Korea have issued red warrants for the arrest of Kwon and Chand Yun, citing criminal association charges. Kwon, known as the "king of cryptocurrencies," is also facing allegations of a $40 billion fraud related to the collapse of the company he co-founded. The TerraUSD stablecoin, which was tied to the value of the dollar through the Luna token, experienced a significant decline starting in May 2022, resulting in substantial losses for investors in Terraform Labs' crypto assets.
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