Do Kwon's criminal trial is set to launch on June 16th.
The lawyers of Terra co-founder Do Kwon and former aide Han Chang-joon have proposed bail conditions as both men face document forgery charges in Montenegro.
In a May 11th court notice, the legal representatives for Kwon and Chang-joon suggested placing the defendants under house arrest, with each providing approximately $436,000 (400,000 euros) as bail.
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The lawyers proposed that the two be confined to an apartment in Montenegro with the "obligation to periodically report to the state authority."
The duo was apprehended by Montenegrin officials in March at Podgorica airport for allegedly using falsified documents, such as forged passports. Although both the United States and South Korea have sought to deport Kwon, authorities in Montenegro claimed that the man has to first account for the crimes committed in the country.
On top of that, Montenegrin Justice Minister Marko Kovač revealed that the decision regarding Kwon's extradition will consider a number of factors.
In the case when we receive several extradition requests, I would like to say that determining to which state they will be extradited is based on several factors like the severity of the committed criminal offense, the location and time when the criminal offense has been committed, the order in which we have received the request for extradition and several other factors.
Kwon and Chang-joon have refuted the charges through their attorneys, while the prosecutors have opposed the suggested bail terms. The criminal trial is set to commence on June 16th.
The downfall of Terra and the de-pegging of the TerraUSD stablecoin (UST) marked one of the early catastrophes in 2022, sparking a significant cryptocurrency market crash.
It is worth noting that as the criminal case unfolds, South Korean authorities have reportedly frozen about $176 million of Kwon's personal assets.