- Lawyers for Kwon and Han Chang-joon are asking for $436,000 bail each and house arrest in Montenegro.
- This trial is one of many, with South Korea and the United States charging Kwon with multiple criminal charges each.
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Lawyers representing Terra co-founder Do Kwon and Terra executive Han Chang-joon proposed that they be placed under house arrest after posting bail of 400,000 euros each, approximately $436,000, ACCORDING in a notice from the Basic Court of Podgorica, Montenegro on May 11. Under those circumstances, Kwon and Chang-joon will be confined to an apartment in Montenegro and obliged to report periodically to designated state authorities.
Montenegrin authorities are advancing charges of attempted travel with false documents against Kwon and Chang-joon as their lawyers negotiate bail conditions.
They are Kwon and Chang-joon caught at Podgorica airport by Montenegrin authorities on March 23, 2023, allegedly using fake passports to try to travel to Dubai. The notice, translated, further states:
“At the main hearing, the defendants denied committing the criminal offense they were accused of and presented their defense.”
Through their legal representatives, Kwon and Chang-joon pleaded not guilty to the charges while prosecutors contested the proposed bail conditions. Their criminal trial is scheduled for June 16.
Despite efforts by US and South Korean officials to extradite Terra’s co-founder to their jurisdictions, he is expected to face legal proceedings in Montenegro before the other two countries fight for extradition.
One year ago, on May 11, 2022, the algorithmic stablecoin Terra Classic (USTC) was targeted by Luna Classic (LUNC) suffered a great depegging and fell by 80% after the LUNC lost its value, causing a significant decline in the crypto market. While his criminal case continues in Montenegro, South Korean authorities more than $2 million was seized of Kwon’s personal belongings in May 10.