Benzinga - Terra (CRYPTO: LUNA) founder Do Kwon's bail request has been approved by the Montenegro court, following the annulment of a previous approval by a higher court.
Kwon, along with former Terra executive Han Chang-joon, was arrested in Montenegro in March for allegedly attempting to travel with forged documents.
Kwon's cryptocurrency enterprise collapsed last year, leading to extradition requests from South Korea and the U.S.
The initial bail approval by the basic court was overturned upon the prosecution's appeal.
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The higher court found the decision was not based on a proper assessment of the defendant's assets.
The court acknowledged Kwon and Han are not Montenegrin citizens and accepted their statements about the value of their assets, supported by concrete evidence.
The case also involves the verification of the authenticity of travel documents in the possession of Kwon and Han.
If convicted, they could face a prison sentence of up to five years.
The two South Korean nationals are scheduled to appear in court on June 16, while the prosecution has the option to appeal the bail decision within three days.
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