In a significant development, Kwon Do-hyung, the CEO of Terralabs, has been granted bail by a local court in Montenegro. Kwon, along with his associate Han Mo, were arrested in March at the Podgorica International Airport in Montenegro for allegedly using fake passports. They were subsequently charged with forgery and detained in custody.
The court has allowed Kwon and Han to post bail of €400,000 (approximately $480,000) each, paving the way for their release. The court justified its decision by stating that it was uncertain how long it would take to verify the authenticity of their passports and identity documents. It further noted that losing the sizable bail amount would deter the accused from fleeing, while also serving as an adequate substitute for their continued detention.
Kwon and Han are expected to be released shortly after posting their bail, subject to complying with certain conditions. They are required to remain within the designated apartment, and they are barred from leaving the country until their trial is concluded.
The case has garnered international attention, with many closely following the developments in the cryptocurrency world. Terra and Luna are two of the most popular cryptocurrencies, and the sudden decline in their value following Kwon’s arrest sparked widespread speculation. The incident has raised questions about the legitimacy and regulation of cryptocurrencies.
Kwon’s release on bail is a significant development in the case, and many will be keenly watching the next steps in the legal process. The future of Terralabs and the wider cryptocurrency industry may well depend on the outcome of this trial.