The disgraced co-founder of blockchain firm Terraform Labs, Kwon Do-hyeong, and his associate surnamed Han, have pleaded not guilty on charges of forging official documents in a local court in Montenegro on Thursday. 

Kwon and Han were arrested at a Montenegrin airport in March while trying to leave the country using false documents.

The two asked for the court to release them on a bail for 400-thousand euros, or 580 million won, each.

The presiding judge Ivana Becic warned that Kwon must disclose the size of his assets so that she can make a decision on bail, and she stressed that if he continues to hide the size of his assets it could affect his trial. 

The judge has not yet ruled on whether bail will be granted, with the next hearing date set for June 16.

Kwon was arrested on March 23 at the airport in Podgorica, while attempting to board a flight to Dubai with a fake passport after being on the run for eleven months following massive investor losses of nearly 40 billion U.S. dollars worldwide caused by his cryptocurrency firm. 

South Korean authorities have submitted an extradition request to Montenegro for Kwon. He is also wanted by U.S. and Singaporean authorities.