The High Court of Montenegro in Podgorica has canceled the bail of Terraform Labs co-founder Do Kwon.
Bloomberg reported on May 24 that court spokeswoman Mariya Rakovich said the court’s decision also affects the company’s former chief financial officer, Han Chung-jun. This means that Kwon and Jeong Joon will be detained pending trial.
Following this ruling, the lower court will have to make a new ruling on Kwon’s case.Rakovich reportedly Said:
“The basic court will have to take into account the judgment of the High Court and make a new decision.”
Kwon and Jeongjun were arrested in Montenegro while flying to Dubai in March. At the time, Montenegrin authorities claimed that the Belgian and Costa Rican passports were forged. Kwon pleaded not guilty.
On May 12, Mr. Kwon and the CFO accept deposit. But Montenegro’s prosecutor’s office opposed the ruling, saying the defendant had the means to flee the country and had no intention of staying.
Kwon could face criminal charges in South Korea and the United States, but which countries he can be extradited to depends on the outcome of the alleged forged documents against him in Montenegro.
The Montenegrin court’s revocation of Do Quon’s bail was first published on CryptoSlate.
