Do Kwon's attorneys seek his release on bail in Montenegro

Korean cryptocurrency entrepreneur, co-founder of Terraform Labs, Do Kwon, left, is taken to court in Podgorica on May 11, 2023. [AFP/YONHAP]

Do Kwon's lawyers are asking that his bail be set at some $440,000 after he pleaded not guilty in court in Montenegro.

Kwon, a mastermind behind the failed TerraUSD and Luna cryptocurrencies that wiped out around $40 billion in a crash last May, filed the bail request with a district court in the Balkan country. Kwon was arrested attempting to board a flight to Dubai in possession of a forged passport and falsifying other official documents in March.

A fellow fugitive and former Terra CFO, also charged with using forged identification documents, also applied for bail.

They both offered to pay 400,000 euros.

At the court hearing, Kwon claimed his Costa Rican passport was legitimate and that he is innocent.

The next court hearing is set for June 16.

Kwon is being sought by multiple countries, including Korea and the United States.

He faces eight counts in the United States, including securities fraud, wire fraud commodities fraud and conspiracy.

BY JIN MIN-JI [jin.minji@joongang.co.kr]