[Feature] Freedom Prevails for now…Montenegrin Court Restores Do Kwon’s Bail

In a riveting turn of events, Do Kwon, the co-founder of Terraform Labs, finds himself back in the spotlight as a court in Montenegro once again grants him bail. This comes after a fervent appeal by local prosecutors failed to sway the decision.

The Basic Court in Podgorica, in an announcement on Friday, revealed its resolute stance, re-adopting the bail conditions initially established on May 12. These conditions require both Kwon and Terraform Labs' Chief Financial Officer, Han Chang-Joon, to each contribute a substantial sum of 400,000€ (equivalent to US$428,241).

Adding to the intriguing narrative, the bail terms outline a stringent regime of surveillance imposed by the local police, leaving no room for laxity. As per the announcement, both Do Kwon and Han Chang-Joon are confined to their apartment, their every move subject to strict monitoring. Any deviation from this prescribed arrangement would result in the forfeiture of their hard-fought bail.

The duo's dramatic journey began with reports of their evasive maneuvers following an investigation into the ill-fated TerraUSD and Terra LUNA cryptocurrency projects, whose collapse in May 2022 sent shockwaves through the crypto realm, obliterating over $40 billion in value.

In a remarkable turn of events, the two South Korean nationals were apprehended at Podgorica Airport in March, attempting to escape Montenegro using forged travel documents. Initially granted bail by the Basic Court in Podgorica, their reprieve was short-lived as prosecutors mounted an appeal, arguing that the defendants' assets had not been adequately assessed. Nonetheless, the gripping tale took another twist on Friday as the decision was dramatically overturned.

A portion in the official release from the Basic Court in Podgorica said that, "The court appreciated the fact that they are persons who are not Montenegrin citizens, that is why it accepted their statements about the value of the property they own, which were supported by concrete evidence.”

Lawyers representing Do Kwon and Han Chang-Joon, the embattled individuals at the center of this legal storm, have made a compelling move. As reported by the local newspaper Vijesti, these attorneys have presented crucial documents pertaining to the defendants' financial standing, seeking to fortify their defense in the eyes of the court. However, the court, aware of the gravity of the situation, has deemed it necessary to exercise due diligence in validating the authenticity of the Belgium passports and identity cards discovered in possession of Kwon and Han.

It is worth noting that their passports had been previously seized in South Korea, intensifying the intrigue surrounding their actions. As the case progresses, the prosecutors have been granted a three-day window to challenge the court's recent decision, setting the stage for a pivotal hearing scheduled for June 16.

With each twist and turn, one cannot help but ponder the deeper implications and potential outcomes of this high-stakes legal saga. And with each piece of evidence and every twist in this captivating saga, the stakes grow higher, leaving us to wonder what revelations await in the courtroom.