A Montenegrin court has allegedly overturned a lower courtโs decision to release previous cryptocurrency mogul and Terraform Labs co- founder Do Kwon on bail. The high court in Podgorica likewise overturned the decision for Han Chong-joon, Kwonโs previous chief financial officer, reportsย by a Bloomberg report.
Cryptocurrency Mogul Do Kwon Faces Jail Timeย
Earlier theseย 30ย days, the Basic Court in Podgorica had approved Kwon and Chong-joonโs release on bail to the tune of โฌ400,000 ($430,500). Nonetheless, the prosecution promptly appealed the ruling, which led to the case being sent to the higher judge for a final decision.
Per the report, the court spokesperson, Marija Rakovic, indicatedย that the Basic Court would must make another decision accordingย to the High Courtโs ruling. Thereย is no legal limit to the number of motions that can follow betwixt the respective judges in deciding on bail for the two individuals.
Kwon and Han were arrested in Montenegro in March at the request of the Unitedย States authorities, who have accused them of laundering $700 Million through their digitalย currency exchange, Terraform Labs. The two men deny the states and have been fighting extradition to the US.
The decision is the latest development in a legal saga that began in August 2020 when Kwon and Chong-joon were arrested on charges of abuse of power and money laundering. Both individuals have rejected the allegations.
Nonetheless, the outcome of the legal proceedings against Kwon and Chong-joon will be closely watched by the cryptocurrency community as itย canย potentially have implications for the industryโs reputation. The arrest of high-profile figures in the cryptocurrency world on charges of financial crimes could reinforce negative perceptions of the sector and hinder adoption by mainstream investors.
The decision to revoke Kwon and Chong-joonโs bail likewise outlines the challenges faced by crypto-related enterprises in navigating a complex and evolving regulatory landscape. As the industry persistsย to grow and mature, it will be important for players in the space to prioritize compliance and work closely with regulatoryย authorities to secure a sustainable and trustworthy ecosystem.
Meanwhile,ย the destiny of Do Kwon and his previous CFO remains uncertain, with the likelihoodย of further motions and appeals in the nextย fewย weeks and months. The cryptocurrency community will be watching closely to see how the case unfolds and what impact it may have on the industryโs future.
Do Kwon is a prominent figure in the cryptocurrency industry, having co- established Terraform Labs, the company inย chargeย of the cryptoย stablecoin Terraย (LUNA) (LUNA). Nonetheless, since Kwonโs arrest, the value of the cryptoย stablecoin has plummeted and is asย ofย now currentlyย worth $0.000083, regardlessย of being pegged to the Unitedย States dollar at a 1:1 ratio.
Featured image from iStock, chart from TradingView.comย
