What an unexpected development: Terra Luna founder Do Kwon has bought his way out of jail in Montenegro, using his own assets to do so. According to local media, Do Kwon accepted the offered bail of 400,000 euros (about $435,000) each for himself and his relative Hon Chand Jun. Both are accused of forging documents in Montenegro.
According to the news report, the defendants explained their financial situation to the court, stating that they have assets worth several million and that the bail could be paid in full by their wives.
In addition, the Terra Luna founder and his companion reportedly assured the court that if they were released on bail until the conclusion of the criminal proceedings, they would not hide, would regularly respond to court summonses, and would be reachable at the address provided by their defense attorney.
The representative of the prosecutor’s office opposed the release on bail, pointing out that the bail amount was not a guarantee that Do Kwon would not go on the run again and leave Montenegro. In addition, he noted that there were no conditions for setting supervision measures. Nevertheless, the judge ruled in favor of release on bail.
“Appreciating the aforementioned proposal of the defense counsel and the opinion of the representative of the prosecution, the court took into account the seriousness of the crime they are charged with, the personal and family circumstances of the defendants, their financial circumstances, as well as the financial circumstances of the persons posting bail.”
Will The Terra Luna Founder Run Again?
According to the judge, the EUR 400,000 each “has a sufficient deterrent effect” on the defendants to discourage them from any attempt to flee. Furthermore, the court pointed out that it still has to verify the authenticity of the travel documents and identity cards allegedly issued by the competent Belgian authority, which may uncertainly prolong the duration of these proceedings.
In addition to bail, a house arrest was imposed on the Terra Luna founder and his relative. Both are not allowed to leave their homes to ensure their presence. This measure is intended to replace pre-trial detention and also to ensure compliance with the ordered monitoring measures.
The prosecution now has the right to appeal the decision within three days.
To recall, before the Terra Luna founder was arrested in Montenegro’s capital, Podgorica, in late March, he had been on the run for several months. Do Kwon and his travel companion attempted to board a private flight to Dubai and were detained by Montenegrin authorities with fake Costa Rican passports. They were also carrying travel documents from Belgium that were forged.
While Do Kwon is now out on bail, Terra Luna co-founder Daniel Shin is scheduled for his first court hearing in South Korea on May 26, Bitcoinist reported yesterday.
At press time, the Terra Classic (LUNC) price remained in it’s prolonged downtrend.
Featured image from Hennie Stander / Unsplash, chart from TradingView.com