Terra Founder Do Kwon Having His Bail Conditions Appealed in Montenegrin Court
Prosecutors in Montenegro appealed against the bail terms of Terra/LUNA co-founder Do Kwon and chief financial officer Han Chang-Joon.
On Wednesday, the State Prosecutor’s Office in the country's capital, Podgorica, filed an official appeal against the decision made by the court on May 12 to grant Kwon and Han a release from detention on bail of €400,000 ($436,000) each.
The duo was also placed under house arrest instead of being taken into custody. They are required to always be available and respond to court summons regularly.
"The case was sent to the High Court in Podgorica for a decision on the appeal," the press release said.
It added that the public would be informed about the outcome of the proceedings once available.
At the time of writing, there were no related announcements published by the Podgorica court following the appeal.
Kwon and Han were accused of forgery by Montenegro prosecutors last month for allegedly using false passports from Belgium and Costa Rica. Using forged documents can be punishable by up to five years in prison.
Both have pleaded not guilty.
Montenegro is not the only country aiming a gavel at Kwon, Han, and other executives at Terraform Labs (the company behind Terra). Courts in South Korea, Singapore, and the US are all after them as well.
The United States Securities and Exchange Commission (SEC) accused Kwon and others of knowingly trading unregistered securities.
South Korean prosecutors are also hopeful of bringing Kwon to trial on similar charges.
But Terra's legal team hit out at the SEC, claiming that its charges were baseless and that Terra stablecoins were "currencies," meaning the SEC had no jurisdiction over Terra.
The lawyers, therefore, filed a motion for the charges to be
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