Terraform Labs co- founder Do Kwonโs bail was revoked in Montenegro, Bloomberg reported.
A high court in Montenegro annulled a lower courtโs decision to allow Kwon to be released on bail. He was arrested in the country in March and remains in jail there.
A lower court had previously accepted Kwonโs $436,000 bail agreement, local news had informed earlier theseย 30ย days. Kwon was charged with using a fake passport in Montenegro, and theย Unitedย States and South Korea have sought to extradite the Terraform Labs boss.
TerraUSD, the cryptoย stablecoin created by Terraform Labs, collapsed last spring, wiping out billions of dollars for investors. The incident was the 1st of a series of crises to hit cryptocurrency markets throughout 2022.
