Prosecutors in Montenegro appealed, Do Kwon's bail was revoked: Report
Kwon is currently wanted by both South Korean and American officials for extradition, and he is also being looked into in Singapore. US officials have charged Kwon with eight charges, including commodities fraud, securities fraud, wire fraud, conspiracy to conduct fraud, and market manipulation.
Do Kwon, a co-founder of Terraform Labs, and Han Chong-joon, a former chief financial officer, won't be granted bail in Montenegro after prosecutors challenged the ruling, according to Bloomberg on May 24. The two people were detained in March after attempting to flee the country with forged credentials.
The Basic Court in the Montenegrin city of Podgorica released the fugitive crypto executives to house arrest on 400,000 euros ($435,000) bail apiece on May 12. Their defence team suggested the bail conditions. The next week, prosecutors challenged the decision to the High Court.
Do Kwon's bail was revoked following an appeal by the Montenegrin prosecutors
In Montenegro, bail will not be granted to Do Kwon, a Terraform Labs co-founder, and Han Chong-joon, a former chief financial officer, according to Bloomberg on May 24. The two individuals were apprehended in March while attempting to leave the country using fake documents. The fugitive cryptocurrency executives were put under house arrest on May 12 after being freed on 400,000 euros ($435,000) bail each by the Podgorica Basic Court in Montenegro. The bail restrictions were proposed by their defence team. Prosecutors appealed the judgement to the High Court the next week.
Now, the bail for Kwon and Chong-joon will be reevaluated by the Basic Court. The study emphasised that there is no restriction on how many times rulings of the Basic Court may be appealed.
Kwon is now wanted for extradition by both South Korean and American authorities, and he is also under investigation in Singapore. Eight counts, including commodities fraud, securities fraud, wire fraud, conspiracy to commit fraud, and market manipulation have been brought against Kwon by US authorities. In addition, a class-action lawsuit has been launched in California, and the U.S. Securities and Exchange Commission had sued him before his arrest.
According to reports, Kwon may be sentenced to up to 40 years in jail in South Korea and five years in prison in Montenegro if found guilty on the charges there. His trial is expected to begin on June 16. South Korea and Singapore do not have an extradition agreement with Montenegro.
Even after an Interpol Red Notice was issued for him, Kwon continued to post on social media and denied that he was hiding when the Terra ecosystem collapsed in May 2022. Kwon and Chong-joon were finally found to be residing in Serbia. After the Red Notice was issued, Kwon allegedly established a consultancy firm in the nation.
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