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Summary:

TerraUSD creator Do Kwon will be released in Montenegro after a court in the countrys capital granted his bail request.

Kwons lawyers proposed a bail of $437,000 or the equivalent of 400,000 during a court hearing on Thursday. The charges claim that Do Kwon traveled with forged documents after his arrest in March.

Local prosecutors argued that the two suspects have the financial means to escape Montenegro and have zero interest in staying in the country, an argument seemingly insufficient for the court.

A Basic Court in Podgorica will allow Kwon to stay at his apartment after he pays the bail. Han, a Terra executive detained alongside Kwon, will pay the same amount. Both defendants cannot leave their apartment or Montenegro and must answer all court summons per the terms of Fridays bail ruling.

Do Kwon who was about to board a private jet bound for Dubai before his arrest could spend years in a Montenegrin prison cell if convicted. Another court hearing is scheduled for June 16 as authorities prepare to prosecute the Terraform Labs founder for forging travel papers.

Even if Kwon is cleared in a Montenegro court, possible extradition awaits for the crypto entrepreneur whose company obliterated $40 billion from the market last May.

Its unclear how prosecution in Montenegro will affect extradition requests from South Korea and the U.S. Both jurisdictions hope to arraign Do Kwon, although investigators in South Korea argue that trying him in his home country is the best option.

The U.S. Securities and Exchange Commission (SEC) already filed civil fraud charges against the Terraform Labs founder.

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TerraUSD Creator Do Kwon Granted $437,000 Bail In Montenegro - Ethereum World News