Do Kwon and Han Chang-joon released on bail in Montenegro

The co-founder of Terraform Labs (TFL) Do Kwon and former chief financial officer Han Chang-joon have been released on bail after Montenegro’s prosecutor’s office rejected the appeal. The Podgorica first-instance court reports this.

According to case materials, each defendant must contribute €400,000 ($436,000). The amount was deemed a ‘sufficient guarantee of the defendants’ appearance’ at subsequent hearings.

Until then, Kwon and Han will remain under house arrest in the country. If they attempt to leave their residence or otherwise violate the conditions, the bail will be confiscated. Police will monitor compliance with the supervisory measures.

When deciding on bail, the court reviewed the personal and financial information provided by the suspects, including sale and purchase agreements and registrations of ownership for Han Chang-joon’s apartment and other real estate, as well as a bill of sale for a vehicle and Kwon’s bank statements.

The court will also verify the authenticity of Belgian passports and identity documents seized from the suspects.

Earlier, on 23 March, Montenegro police arrested Do Kwon and Han Chang-joon as they attempted to depart Podgorica Airport for Dubai using forged documents.

Kwon’s detention followed requests from U.S. law enforcement authorities, Singapore and South Korea. Earlier media citing Seoul prosecutors reported that he is hiding in Serbia.

In May, South Korea urged Montenegro to extradite Do Kwon to his homeland. The United States, which has charged him with fraud from the Securities and Exchange Commission and the U.S. Attorney’s Office for the Southern District of New York, is also seeking extradition.