Troubled Terra (LUNA) founder Do Kwon is being placed under house arrest in Montenegro after posting bail.
According to a new document released by Montenegrin authorities, Do Kwon and Han Chang-Joon, Terra’s former chief financial officer, have paid $435,000 each to post bail but will be forced to stay under house arrest until the end of their criminal proceedings.
“The court accepted the offered bail of EUR $400,000 each for the defendants [Kwon and Chang-Joon] and ordered that they be released upon payment of this amount. According to the defendants, a surveillance measure was also determined – a ban on leaving the apartment, which will be carried out by the police.”
The duo also promised that if their bail was set, they wouldn’t hide, they would regularly respond to court summons, and would always be available at the address they are staying at.
However, the prosecution’s representative says that this may not be enough to make the defendants stay in the Balkan nation to face their charges of forgery.
“The representative of the prosecution objected to the aforementioned proposal, pointing out that the offered amount does not guarantee the presence of the defendants, and that the defendants have no interest in staying in the territory of Montenegro.”
Kwon was initially arrested in Montenegro in March after attempting to board a flight to the United Arab Emirates with a Costa Rican passport that was allegedly forged.
Earlier this month, South Korean authorities were seeking to extradite Kwon to face charges of fraud and market manipulation in this native country.
He’s wanted for allegedly defrauding investors and using trading bots to manipulate the market in association with the multi-billion-dollar downfall of the Terra ecosystem, which saw its algorithmic stablecoin TerraUSD and its native asset LUNA collapse last year.
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