Court accepts Do Kwon’s bail request

Finance

Published: 14 May. 2023, 18:43 Updated: 14 May. 2023, 19:35

Court accepts Do Kwon’s bail request

Police officers escort disgraced crypto company founder Do Kwon, center, in Podgorica, Montenegro, Thursday. [EPA/YONHAP]

A court in Montenegro accepted Do Kwon’s request for bail on Friday after he pleaded not guilty.

Kwon, 32, the mastermind behind the failed TerraUSD and Luna cryptocurrencies that wiped out around $40 billion in a crash last May, was caught attempting to board a flight to Dubai in possession of a forged passport and other falsified documents in March.

Kwon filed the request for bail with a district court in the Balkan country on Thursday. It was granted on Friday.

Fellow fugitive Han Chang-joon, the former Terra CFO, who is also charged with possession of a forged passport, was granted bail by the court as well.

Their lawyer Branko Andjelic requested bail of 400,000 euros ($437,180) each.

Andjelic said that his clients are "only interested in the truth" and that he is sure they are not guilty, during an interview with the Montenegrin daily Vijesti on Saturday.

Kwon recently withdrew $2.9 million worth of cryptocurrency from his private crypto wallet, according to local media reports on Friday. The reports speculate the money will be used for court expenses.

Kwon and Han will be placed under house arrest in the apartment of the girlfriend of Kwon's attorney.

The two claimed they had property worth several million euros in Korea, and the bail would be posted by their wives.

Kwon’s next court hearing is set for June 16.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]