The disgraced founder of Terraform Labs, Do Kwon, faces is still another setback in his bid for freedom. Kwon and his previous CFO, Han Chong-joon, face an array of charges. From passport fraud to states over far more serious financial misdeeds.
Kwon could be closer to the beginning than the end of his legal journey. Certain of the charges he faces may result in extradition to one or more countries whose governments are incredibly hard on cryptocurrency malfeasance. The United States, for instance.
Do Kwon Will Stay Locked Up
The high court in Montenegro’s financial resources, Podgorica, has reversed the lower court’s decision and rejected bail to Do Kwon, the founder of Terraform Labs, and Han Chong-joon, Kwon’s previous chief financial officer, Bloomberg informed Wednesday.
Reports by Bloomberg, court spokeswoman Marija Rakovic confirmed the overturning of the decision, stating that Kwon remains in jail.
The High Court’s ruling requires the Basic Court in Podgorica to reconsider the case. There is no specific limit on the number of motions that can be filed betwixt the judges regarding bail for the two South Korean nationals.
Basic Court to Rule Once more on Do Kwon’s Bail
“The Basic court should now make another decision, taking into account what the High Court ruled,” Rakovic said.
Only two weeks ago, a court granted Kwon bail in a deal worth €400,000. Prosecutors appealed the decision, which brought us to Wednesday’s ruling.
They had at the beginning protested the bail request owing to the defendants’ status as a flight risk. Both individuals are facing charges of passport fraud, which they deny.
Police arrested both men at an airport in Montenegro in March for supposedly using fake travel documents. Both individuals were on the run for plenty of months. They insist that the passports they used were real.
Kwon disappeared shortly after the collapse of Terra/Luna. The resulting market tragedy wiped out $45 Billion in market price during a week.