Terraform Labs Founder And CFO Both Set For Release On $436K Bail

Terraform Labs LUNA/USD co-founder Do Kwon and former CFO Han Chong-joon have been granted conditional release by a Montenegrin court after they each posted bail of 400,000 euros (U.S.$436,000).

The duo were detained in March at Podgorica Airport, accused of attempting to exit the country using counterfeit travel documents.

Both Kwon and Chong-joon refuted any illicit activities and put forth their defense during a court session in Podgorica, the capital of Montenegro, on Thursday. 

Following the payment of their bail, the Basic Court in Podgorica stated that both men will be held under house arrest and police supervision. 

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Defense attorney Branko Andjelic assured the court that his clients had no intention of absconding. 

He even proposed that they serve their house arrest in his girlfriend's flat. 
Prosecutor Haris Sabotic disagreed, stating that the defendants, both South Korean citizens, showed no inclination to stay in Montenegro.

Terraform operated the Terra stablecoin and Luna cryptocurrency.

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