Terraform Labs co- founder Do Kwon’s bail was revoked in Montenegro, Bloomberg reported.
A high court in Montenegro annulled a lower court’s 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 Kwon’s $436,000 bail agreement, local news had informed earlier these 30 days. Kwon was charged with using a fake passport in Montenegro, and the United States and South Korea have sought to extradite the Terraform Labs boss.
TerraUSD, the crypto 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.