Prosecutors in Montenegro are appealing Do Kwon's bail conditions

The bail for Terra co-founder Do Kwon is currently under review after the State Prosecutor's Office appealed it. Kwon is still wanted by South Korea for extradition, and he faces criminal accusations there as well. 

On May 17, the State Prosecutor's Office in Podgorica, the capital of Montenegro, filed an appeal against the court's earlier decision to release Kwon and Han Chang-Joon on bail totaling 400,000 euros ($436,000) apiece.

Do Kwon's bail conditions are being challenged by Montenegrin prosecutors

The State Prosecutor's Office appealed the bail set for Terra co-founder Do Kwon, and it is presently being reviewed. Kwon continues to be sought by South Korea for extradition and is also charged criminally there. The State Prosecutor's Office appealed the court's previous decision to release Kwon and Han Chang-Joon on bail totalling 400,000 euros ($436,000) each on May 17, in the Montenegrin city of Podgorica.

On May 12, a bail agreement was reached, and the court authorised Do Kwon to be placed under home arrest as opposed to being taken into jail. The court made a decision about the argument made by Do Kwon's attorneys in just one day. The records state that if the house arrest is jeopardised, the bond will be put into a "special section" of the court's operating budget.

In March 2023 at the airport in Podgorica, Kwon and Chang-Joon were detained by Montenegrin officials on suspicion of possessing forged passports. In South Korea, the two had already had their passports seized. As the original TerraUSD (UST) stablecoin depegged in 2022, wiping out an estimated $40 billion in market value in a matter of days, the Terra ecosystem developed by Kwon and Terraform Labs disintegrated.

As part of continuing criminal procedures, Kwon still has personal assets frozen totaling more than 233.3 billion Korean won ($176 million). U.S. prosecutors have accused him of eight different crimes, including commodities fraud, securities fraud, wire fraud, conspiracy to commit fraud, and market manipulation, and South Korean prosecutors are requesting his extradition.