- Han Chang-jung was released along with him
- The bail for the two was approximately $870,000
- It was paid by the defendants’ wives
Scandalous Terraform Labs co-founder Do Kwon has been released from jail pending trial after posting $436,000 bail.
This was reported by the Montenegrin website Pobjeda. He was released along with co-defendant Han Jung.
The two defendants explained their financial situation to the court, saying they had assets worth several million dollars.
This amount was paid by their wives. In addition, they gave a promise that they would not abscond until the end of criminal proceedings, would regularly respond to subpoenas and would stay at the address provided by counsel.
The court took into account the gravity of the criminal offense, the personal and family circumstances of the defendants, their financial situation, as well as the financial situation of those who posted bail.
As a result, it was found that the possibility of losing $436,000 in bail had a strong enough impact to remove the defendants’ desire to flee.
In addition, the court took into consideration that travel and identity documents allegedly issued by a Belgian authority must be verified during the procedure.
In the event of an escape or a violation of the chosen measure by the accused, the amount paid as bail will be credited to a special section of the courts’ estimates.
It was reported that if Kwon is found guilty, he could face an unprecedented sentence in South Korea, namely 40 years in prison.