Do Kwon, a co-founder of Terra, and Han Chang-joon, a former CFO, had their bail approved by the Montenegro High Court and had been extradited to South Korea.
According to sources familiar with the legal processes the Montenegro High Court has granted bail to Terra co-founders Do Kwon and Han Chang-joon, a former CFO. South Korean citizens will also continue to be imprisoned pending extradition to South Korea, according to the High Court investigative judge.
Do Kwon Is Released On Bail But Is Still Being Held For Extradition
According to court spokesman Marija Rakovic, the Montenegro High Court dismissed the Montenegrin prosecutors’ appeal on June 15 and affirmed the decision of Montenegro Basic Court Judge Ivana Becic to approve the bail of Terra co-founder Do Kwon and former CTO Han Chang-joon.
Do Kwon and Han Chang-joon’s bail of 400,000 Euros ($436,000) apiece was once again authorized by the Montenegro Basic Court earlier this month, with the addition of surveillance and other court requirements to the bail conditions. The Montenegro High Court was given the case files for the passport forgery investigation and the prosecutors’ appeal by the Basic Court.
Bail was granted by the Montenegro High Court so that they could defend themselves against allegations of forging documents. Do Kwon and Han Chang-joon, however, shall continue to be imprisoned after a High Court judge ordered their extradition to South Korea.
Do Kwon and Han Chang-joon were ordered to be held in custody for six months until extradition at the High Court investigating the judge’s order, per South Korea’s request.
Political Ties Between Terra And Montenegro
Since 2018, CoinGape Media has exposed Do Kwon’s associations with Milojko Spajic, a former finance minister. Dritan Abazovic, the outgoing prime minister of Montenegro, stated that Do Kwon had written to him about his connections with Spajic, the leader of the political group Europe Now.
The former finance minister said that in 2018 when he met Do Kwon, his friends and the company he worked for invested in the Terra project. They did, however, lose everything during the Terra-LUNA crisis, “which is why we had the special satisfaction of reporting him to authorities.” Additionally, Vitalik Buterin, a co-founder of Ethereum, has links with Milojko Spajic.