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While former Finance Minister Milojko Spajić confirmed he knew Kwon, he denied the crypto executive's claim and called him a "fraudster who defrauded millions of people."
The court will also look into the authenticity of the identity cards and travel documents of the TFL executives since Kwon's lawyer claimed the CEO's Costa Rican passport was obtained legally.
Montenegro prosecutors now have three days to appeal against the court's ruling after it decided to release the Terraform Labs' CEO and his associate from detention.
Do Kwon is currently in detention in Montenegro after the High Court revoked his $400,000 bail.
After a lower court granted bail to Do Kwon and Chong-joon, the prosecution appealed the decision.