Do Kwon's Bail Revoked in Montenegro: What It Means for Terraform Labs
The legal saga surrounding Terraform Labs co-founder Do Kwon continues in Montenegro. Recent developments indicate a significant setback for Kwon and his former chief financial officer, Han Chong-joon. A high court in Montenegro annulled the lower court’s decision that would have allowed former crypto giant and co-founder of Terraform Labs, Kwon, to be released on bail. Terraform Labs co-founder Do Kwon remains in jail in Montenegro after his bail was revoked, per Bloomberg.The high court of Montenegro in Podgorica overturned a decision from two weeks ago to release Kwon and Terraform's former chief financial officer Han Chong-joon on bail, following an appeal by prosecutors. Terraform Labs co-founder Do Kwon and former chief financial officer Han Chong-joon will not be released on bail in Montenegro after prosecutors appealed the Montenegro high court overturns earlier bail decision. A lower court had accepted a $436,000 bail agreement.
Why Was Do Kwon's Bail Revoked?
Terraform Labs co-founder Do Kwon will remain in detention while he faces charges of falsifying official documents in Montenegro after a request for bail was approved. A Montenegrin court has allegedly overturned a lower court’s decision to release former crypto mogul and Terraform Labs co-founder Do Kwon on bail. According to the details from court spokeswoman Marija Rakovic, which were shared by Bloomberg, a high.
In a significant development in the legal proceedings against Do Kwon, the founder of Terraform Labs, and Han Chong-joon, Kwon’s former chief financial officer, the high court's decision throws into question the potential timeline of extradition proceedings. The situation remains fluid, and the crypto world watches closely as the legal battle unfolds in Montenegro.