Media reports bail set at €400,000 for Do Kwon.

A court in Montenegro approved bail of €400 000 (~$436 000) for Terraform Labs (TFL) Do Kwon, charged with document forgery. Local publication Pobjeda reports this.

The same amount has been set for the second defendant — the former chief financial officer of the company, Han Chang-joon. The prosecution has three days to appeal the decision.

The defendants clarified to the court their financial position, stating that they have assets worth several million euros, and their wives will pay the required amount.

They also promised not to flee until the end of the criminal proceedings, to attend hearings regularly, and to reside at the agreed address from which they are prohibited from leaving.

The prosecution opposed such conditions, saying that the stated amount does not guarantee their appearance in court. Prosecutors argued that the defendants have no interest in staying in Montenegro, and no additional monitoring measures were imposed.

Earlier on March 23, Montenegro police arrested Do Kwon, who was attempting to fly from Podgorica airport to Dubai using forged documents.

The arrest occurred at the request of law enforcement authorities in the United States, Singapore and South Korea. Earlier media, citing the Seoul Prosecutor’s Office, reported that he is hiding in Serbia.

In May, South Koreaurged Montenegro to extradite Do Kwon to his homeland. The United States also seeks Do Kwon’s extradition, with fraud charges from the Securities and Exchange Commission and the Federal Prosecutors of New York.

The extradition procedure will begin after Montenegrin authorities complete the trial in the case of document forgery. Do Kwon has not admitted guilt to the charges.