Montenegro court annuls bail for Terraform founder Do Kwon

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A higher court in Montenegro has overturned an earlier decision by a lower court that would have released Terraform Labs founder Do Kwon on bail. Bloomberg first reported in the news.

Kwon will remain in jail until another decision is made by the Basic Court of Montenegro in light of the latest decision of the high court, according to Bloomberg, citing a court spokesman.

The high court ruling comes nearly two weeks after The Court of First Instance of Montenegro agreed to release Kwon and his former colleague Chang-joon Han were held on bail.

At the first hearing earlier this month, Kwon pleaded not guilty to a charge of falsifying his passport and travel documents. Kwon and Han’s lawyer asked the Montenegrin court to release them on bail of 400,000 euros ($437,000) each and proposed house arrest under police supervision.

The two men were arrested at the airport in Podgorica, the capital of Montenegro, in March while trying to fly to Dubai.

A year ago, Terraform’s TerraUSD (UST) stablecoin, an algorithm stablecoin that was powered by its sister coin Luna, lost its $1 peg, wiping out roughly $40 billion in market value and crashing many companies. cryptographic

Both US and South Korean authorities are currently seeking Kwon’s extradition to face charges. If Kwon is convicted of forging his documents in Montenegro, he may have to serve your prison sentence before being extradited to the United States or South Korea. The next hearing is set for June.