Quest For Release: Terraform Labs Founder Fights For Freedom With Massive Bail Offer

Zinger Key Points
  • Terraform Labs founder seeks supervised bail for 400,000 Euros.
  • Extradition looms for Kwon following Montenegrin legal proceedings.

Attorneys representing Terraform Labs LUNA/USD founder Do Kwon have suggested supervised bail as an alternative to detention while he faces charges in Montenegro for attempting to travel using counterfeit documents. Kwon and Terra executive Han Chang-joon were arrested in March by Montenegrin authorities, who subsequently charged them with document forgery.

Both defendants denied any wrongdoing and presented their defense during a court hearing in Podgorica, Montenegro's capital, on Thursday.

According to a notice from the hearing, the defense lawyers proposed, "Instead of detention, bail and supervision measures be imposed, prohibiting them from leaving the apartment and periodically reporting to a certain state authority."

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The lawyers recommended a bail amount of 400,000 euros ($437,000) for each of the Korean nationals, who are still in custody.

The court is expected to make a decision on the proposal, and the next hearing is scheduled for June 16.

Once the Montenegrin legal process is complete, Kwon may face extradition to either the United States or South Korea. In both countries, he faces criminal charges related to the collapse of Terraform Labs in May 2022, which resulted in a $40 billion loss in market value.

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Posted In: CryptocurrencyNewsMarketsbail proposalDo KwonHan Chang-JoonMontenegroPodgoricasupervised bailTerraform Labs
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