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Terraform Labs co-founder Do Kwon was released on bail following his successful appeal in Montenegro.

According to the official statement made by the Podgorica Court of First Instance, the objection made by the prosecutor's office against the bail agreement made earlier was rejected and it was decided to keep Do Kwon and Han Chang-Joon, the financial manager of Terraform Labs, under house arrest until the next legal proceedings. They Will Pay 436,000 Dollars of Bail Per Person

The court re-approved the bail conditions set at the hearing and ordered the duo to pay $436,000 each to be released from custody.

While the Supreme Court of Podgorica stated that it would require time to verify the authenticity of the Belgian passports and identity cards held by the co-founders, it believed that the agreed bail amount was a sufficient guarantee to secure the presence of the defendants.

Do Kwon and Chang-Joon are currently under strict bail conditions and cannot leave their legal residence in Montenegro. The duo will be closely monitored by local police and their bail will be canceled if they leave their place of residence or violate surveillance measures.