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Montenegro District Court Reopens Kwon Do’s Bail…”Bail Same – Stay Out”

The Podgorica District Court in Montenegro has re-granted bail to Do-hyung Kwon, a key figure in the collapse of the virtual currency Tera-Luna스포츠토토, whose bail was revoked by the High Court last month.

In a press release sent to KBS reporters, an official from the public affairs office of the Podgorica District Court in Montenegro said that the court decided to re-accept the bail requests of defendants Kwon Do-hyung and Han Chang-joon yesterday (Feb. 2).

The bail amount is the same as the first bail citation last month, 400,000 euros per person, which is about 580 million Korean won ($580,000), and the court has only ordered Kwon and Han to stay out of the apartment where they will be staying after their release and have it monitored by local police.

The court stated that it made this decision “taking into account the financial situation of Mr. Kwon and Mr. Han, the gravity of the case, and their family circumstances, as provided by Mr. Kwon’s counsel, and that the bail will be forfeited if the defendants escape or violate the supervision measures.”

“The €400,000 is not a small part of the defendants’ wealth and is sufficient to ensure their attendance in court,” the court said, adding that the prosecution has three days to appeal the bail decision.

Earlier, on March 12, the Podgorica District Court granted Kwon’s first request for bail, but prosecutors immediately appealed to a higher court, saying the bail amount was too small for their wealth and that there were flight risks, and the Podgorica High Court revoked the bail.

If the prosecution appeals the Podgorica District Court’s decision to reinstate bail, the Podgorica High Court will make another decision on bail.

Kwon is the co-founder of Terra FormLabs, which issued the cryptocurrency “Terra-Luna,” which crashed last year, costing investors around the world an estimated 50 trillion won.

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