Doo Kwon is out on bail once again after the court rejected the appeal of the prosecution

Terraform Labs co-founder Do Kwon has been granted bail in Montenegro, after an appeal process by prosecutors was rejected by a Montenegrin court on 2 June.

According An appeal against an earlier bail agreement was rejected by the state prosecutor’s office, leading to an official release from the Basic Court in Podgorica, allowing Kwan and Terraform Labs chief financial officer Han Chang-jun to be further placed under house arrest. Got permission to await legal proceedings. Country.

The court originally re-adopted bail conditions at a hearing on 12 May, with the pair paying 400,000 euros ($436,000) each to be released from custody. Kwan and Chang-jun are now under strict bail conditions and cannot leave the latter’s legal residence in Montenegro.

The local police will keep a close watch on the pair. If either leaves the residence or violates the supervision measures, the bail will be forfeited.

Kwan and Chang-jun provided personal and financial information to local authorities, including a sales contract and property registration evidence for an apartment, parking space and basement owned by Chang-jun.

Kwon allegedly supplied an invoice for a vehicle and bank accounts statements, with bail conditions set to discourage defendants from attempting to flee the country.

Kwon and Chang-joon were Arrested in March 2023 in Montenegro after allegedly using false travel documents while trying to leave the country. In October 2022, the original passports of both were confiscated in South Korea.

Kwon remains a wanted man in several jurisdictions. South Korean officials The co-founder of Terraform Labs is wanted to be extradited to investigate the infamous collapse of Terra Ecosystem that wiped an estimated $40 billion off the cryptocurrency market in June 2022.