The recent bail approval for Do Kwon, co-founder of Terraform Labs, has raised eyebrows within the crypto sphere, especially as Kwon was detained at an airport in Podgorica in March along with former chief financial officer, Han Chang-joon, for allegedly possessing forged travel documents. This decision follows an explanation offered by the defendants regarding their financial condition, boasting assets and real estate properties worth several million dollars.
The €400,000 ($436,000) stipulated sum for Kwon’s bail is to be paid by their spouses. Furthermore, the accused have made a commitment to refrain from any illegal activities and to remain in Montenegro until the end of the criminal proceedings. The defendants have also agreed to abide by court summons and maintain residence provided by their defense attorney during the duration of the bail.
However, Haris Sabotic, a representative of the prosecution, has objected to this proposal. Sabotic cites the defendants’ initial plans to flee the country as evidence of their lack of interest in staying in Montenegro. Additionally, Sabotic has raised concerns about the absence of surveillance measures to monitor their activities while out on bail.
Kwon and his partner had previously entered a not-guilty plea in a Montenegrin court. Both South Korea and the United States are seeking Kwon’s extradition, but Montenegro insists on retaining the crypto mogul until local criminal proceedings have been resolved. With Montenegrin law considering the use of false documents a criminal offense punishable by up to five years in prison, the actions of Kwon and his cohorts could have serious consequences in the crypto industry.
One factor to consider is the connection between the defendants’ release and potential loopholes in the regulatory system. Additionally, the large bail amount and the defendants’ willingness to pay it could indicate a lack of concern for legal repercussions, and perhaps even the ability to use their financial resources to benefit their court case.
On the other hand, Kwon’s release may not necessarily translate to a “get-out-of-jail-free card.” It simply provides an opportunity for both sides to argue their case in court. The outcome of this case could affect not only Kwon and Terraform Labs but also the broader crypto community as a whole, particularly when it comes to the use of false documents and the legal ramifications surrounding it.
In the ever-evolving world of cryptocurrencies, it is imperative that stakeholders keep a watchful eye on how this court case unfolds. The implications of Do Kwon’s release have the potential to impact the industry in significant ways, particularly when considering regulatory measures and how authorities deal with those accused of breaking the law. As always, further developments are sure to come, and it will be vital for crypto enthusiasts to stay informed and engaged.
Source: Coingape
