Co-founder of Terraform Labs Granted Bail in Montenegro Court

Co-founder of Terraform Labs Granted Bail in Montenegro Court

Kwon Do-hyeong, one of the co-founders of Terraform Labs, and Han Chang-Joon, the former chief financial officer, have been granted a second bail request by a court in Montenegro. The pair face accusations of using counterfeit passports. In May, the High Court overturned an earlier bail approval of €800,000 and asked for further financial information. After reviewing the case, the lower court has now approved the bail once again. The Basic Court of Podgorica has also granted house arrest to two South Korean nationals charged with using fake passports after their lawyers submitted more financial information.

Co-founder of Terraform Labs Granted Bail in Montenegro Court

Kwon and Han will face trial on June 16 after being arrested at Podgorica airport. They are said to have used counterfeit passports when leaving the country. However, both men deny the allegations of document forgery. In addition to this case, Kwon has faced an Interpol Red Notice after South Korean authorities filed fraud charges against him due to the US$40 billion collapse of the Terra-Luna cryptocurrency project last year. Although Kwon admits to mistakes in the project, he denies any fraudulent activity and states that there was no intent to deceive investors.

The decision to grant bail and house arrest to Kwon and Han despite the serious nature of the accusations has raised some concerns regarding the judicial process and the potential risks associated with their release.

Compiled by Coinbold