Do Kwon released on bail
Terraform Labs mastermind Do Kwon has been released on €400,000 bail as he awaits trial in Montenegro.
The 31-year-old faces charges in the Balkans after he was arrested together with Han Chang-joon – the former finance officer at Terraform Labs – as the pair attempted to board a flight to Dubai.
Police officers discovered both men were travelling with fake Costa Rican passports, a set of Belgian passports, as well as laptops and devices that authorities in the US and Do Kwon’s native South Korea say they are keen to obtain. They are charged in Montenegro with forging official documents.
Do Kwon went on the run following the collapse of TerraUSD in May 2022. The event triggered a sudden and volatile downturn across cryptocurrency markets.
Soon after Do Kwon’s arrest, eight separate charges involving fraud and conspiracy were made against the entrepreneur by the US District Court of Manhattan. Authorities in Seoul have also sought to extradite the two fugitives.
For now, however, Do Kwon and Hang Chang-joon will be held under house arrest overseen by police in Podgorica.
“The court found that the possibility of losing the posted bail of 400,000 euros each works sufficiently to dissuade them from any desire to flee,” a police statement said.
Both men yesterday denied doctoring or possessing fake documents in a court appearance where they reassured lawmakers bail would be posted by their wives.