Montenegro’s law firm has agreed to release Terraform Labs co-founder Do Kwon and CFO Han Chong-Joon from house arrest.
Terraform Labs co-founder Do Kwon will be released on bail along with the company’s chief financial officer Han Chong-Joon — against the wishes of prosecutors.
Montenegro's law set the fee at 400,000 euros ($436,000) per person, according to Bloomberg.
After their release, the two will be placed under police-supervised house arrest in the country's capital, Podgorica.
After winning bail, defense lawyer Branko Andjelic told the court neither man was a flight risk - offering his girlfriend's apartment as a place of house arrest.
Prosecutors argued that the bail amount was irrelevant given Do Kwon's wealth.
Dao Quan was captured
On March 23, two people were arrested at Podgorica Airport in Montenegro after suspicious travel documents were discovered.
The capture provides a dramatic twist in the ongoing multi-billion dollar fraud as Terra LUNA collapsed under the weight of the TerraUST decoupling on May 10, 2022.
Since his incarceration, several incidents have come to light, including the formation of new shell companies with the help of Serbian lawyers and the filing of charges against Do Kwon by the U.S. Securities and Exchange Commission.
