Montenegro Court Approves Bail for Terra Co-Founder and CFO: Implications for Crypto Industry

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The Montenegro Basic Court has once again approved the bail request for Terra co-founder Do Kwon and former chief financial officer Han Chang-joon, with their lawyer Branko Anđelić confirming a bail sum of 400,000 Euros ($436,000) each. Previously, the Montenegro high court had revoked the court’s decision to grant a total bail of 800,000 Euro on May 24.

Judge Ivana Becić has stated that the decision to release Do Kwon and Han Chang-joon again was made so they can defend themselves against charges of falsifying documents. The two are required to stay at a specific apartment address provided by Anđelić until the end of the passport forgery case while complying with court summons, surveillance, and other measures taken by the court.

In making its decision, the Basic Court considered the severity of the criminal offense, personal and family circumstances of the defendants, and the financial conditions of the individuals providing the bail. Additionally, the court will verify the authenticity of travel documents and identity cards as Do Kwon’s lawyer claims that the Costa Rican passports were obtained legally.

If the defendants either escape or violate the imposed measures, the court will revoke their bail, and the bail amount will become part of the court’s budget. It should be noted that Do Kwon’s extradition to South Korea or the US will happen only after he serves his sentence in Montenegro.

Montenegro prosecutor Haris Šabotić had previously appealed the court’s decision on Do Kwon and Han Chang-joon’s bail, arguing that the bail amount is insufficient to prevent the defendants from becoming flight risks and that there were no surveillance measures added to the bail conditions. With the approval of the bail request for the second time, the Basic Court has given prosecutors three days to appeal the new ruling. If no appeal occurs during this time, the court will release the defendants on bail and under new conditions.

Meanwhile, Do Kwon has hired the world’s largest law firm, Dentons, to represent him in the prosecution and investigation by US federal prosecutors. The case demonstrates the complexities surrounding regulations within the cryptocurrency industry, as new technology presents unprecedented legal challenges for both law enforcement and industry leaders.

It remains to be seen how the ongoing legal battle will pan out for Terra’s co-founder and former CFO, and what implications it may have on cryptocurrency businesses going forward. While proponents of the technology argue that the innovation it brings has far-reaching benefits, critics maintain that stricter regulations are needed to ensure the safety and stability of the market.

Source: Coingape

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