Montenegro court agrees to release founder of cryptocurrency firm Terraform Labs on bail

A court in Montenegro has agreed to release Terraform Labs founder Do Kwon from jail along with another South Korean citizen who is also charged with using forged identification documents in the Balkan country. The Basic Court Podgorica accepted 400,000 euros ( $435,000) in bail for each of the two suspects pending the outcome of their trial but prohibited them from leaving their apartment, which will be guarded by Montenegrin police. Both have pleaded not guilty. Their trial in Montenegro opened Thursday. Do Kwon was arrested on an international arrest warrant in connection with a $40 billion crash of Terraform Labs’ cryptocurrency. Both South Korea and the United States have requested his extradition.