Do Kwon is Out on Bail, Says He is a Victim of Political Conspiracy

Do Kwon, the co-founder of Terraform Labs and the creator of over $40 billion in losses, has been released on bail by a court in Montenegro after a successful appeal against the prosecution’s request to keep him in custody. Do Kwon and his associate Han Chang-Joon, the former finance officer of Terraform Labs, were arrested in March 2023 at the Podgorica airport as they tried to board a flight to Dubai using forged passports.

They were charged with forging official documents and faced extradition requests from South Korea and the U.S., where they are wanted for various fraud charges related to the collapse of Terra in May 2022.

According to an official release from the Podgorica district court on June 2, the appeal by the State Prosecutor’s office was dismissed and the bail terms originally set out in a hearing on May 12 were readopted.

The court decided that Do Kwon and Han Chang-Joon could await further legal proceedings under house arrest in Montenegro, after paying 400,000 EUR or about 0.001% of the total damages caused by the Terra LUNA and UST crash. The court also stated that it had verified the personal and financial information provided by the defendants, which included evidence of property and bank accounts owned by them in Montenegro. The amounts were undisclosed but…