Terraform Labs (TFL) co-founder Do Kwon and the project’s former CFO Han Chang-joon have been released on bail after an appeal by the Montenegrin prosecution was rejected, the Podgorica court of first instance has reported.
According to the filing, each defendant must provide €400,000 ($436,000), an amount considered “sufficient guarantee for the presence of the defendants” at the subsequent meetings.
Until then, Kwon and Joon will remain under house arrest in the country. In the case of attempted abandonment of the place of residence or other violations, the deposit will be confiscated.
The police will monitor compliance with the surveillance measures.
In deciding to release the suspects on bail, the court has reviewed the personal and financial information provided by the suspects. For its part, the court will verify the authenticity of the Belgian passports and identity documents confiscated from the defendants.
