Share this article

Montenegro High Court Says No Bail for Terra's Do Kwon in Fake Passport Case: Bloomberg

Prosecutors appealed a previous decision by a lower court in the country to let the disgraced founder go free while he faced trial.

By Sandali Handagama|Edited by Nikhilesh De

Updated May 24, 2023, 4:42 p.m. Published May 24, 2023, 4:38 p.m.

A Montenegro high court has annulled a decision by a lower court to release Terraform Labs co-founder Do Kwon on bail as he faces charges of attempting to travel with falsified documents, Bloomberg reported on Wednesday.

The Basic Court of the country's capital Podgorica had accepted a previous proposal made by Kwon's lawyers in early May to release the disgraced crypto founder and fellow defendant Terra executive Han Chang-joon on supervised bail with a payment of 400,000 euros ($435,000) each as their trial continues.

STORY CONTINUES BELOW

Don't miss another story.Subscribe to the State of Crypto Newsletter today. See all newsletters

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

The prosecution for the case made a speedy appeal against the decision before a Podgorica high court took a decision against that of the basic court.

The U.S. and South Korea have requested Kwon's extradition from Montenegrin authorities to face criminal charges over the collapse of Terraform Labs in May last year.

The lower court must now make a decision taking into account what the higher court decided, a spokesperson for the court told Bloomberg.

CoinDesk has reached out to the Montenegrin courts for comment.

Regulations Terra Do Kwon Montenegro

Sandali Handagama

Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She is an alumna of Columbia University's graduate school of journalism and has contributed to a variety of publications including The Guardian, Bloomberg, The Nation and Popular Science. Sandali doesn't own any crypto and she tweets as @iamsandali