Cryptocurrency News: Reports by recent reports, the bail approval of controversial cryptocurrency entrepreneur Do Kwon and his subordinate Han Chang-Joon has been scrapped by the Montenegro High Court. The decision comes after the local prosecution team contested the bail, alleging that the defendants had no intentions of remaining in Montenegro as they were at the beginning planning to flee the country for a foreign land.
Do Kwon To Stay In Jail
During the court hearing for Kwon’s bail acceptance, Haris Sabotic — a representative of the prosecution — raised objections, citing the lack of prescribed conditions to monitor the defendants’ activities under surveillance. Sabotic likewise expressed concerns that both defendants could deliberately evade and delay court hearings by failing to respond to court summons.
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On May 12, the legal team representing Do Kwon secured the bail order which accounted for nearly 400K Euros (437K USD). Nonetheless, it was following that followed by an appeal from the State Prosecutor’s Office in Podgorica on May 17 against the court ruling.
Kwon Accused Of Forgery
Kwon and his co- founder are as of now facing accusations of forgery by Montenegrin authorities, a charge that carries a potential prison sentence of 5 years. Regardless of maintaining their plea of “not guilty,” the accused are allegedly behind bars at the time of this new development.
Do Kwon was detained by the Montenegrin police in March at the airport of Podgorica. Reports by reports from the local officials, they were unable to verify Kwon’s immigration paperwork if he entered the country without going through the proper channels or following the entry procedures. Furthermore, it was realized that he was using forged travel documents while he was about to board a private jet to Dubai.
Kwon’s Extradition In Hot Waters
Both South Korea and the United States are actively seeking Kwon’s extradition. Nonetheless, Montenegrin authorities have remained resolute in holding the cryptocurrency mogul until all local criminal proceedings are resolved. In the previous 6 months, numerous jurisdictions around the globe have been on the lookout for Kwon as he allegedly ran a cryptocurrency sham that lost nearly $40 Billion in investor money. The Terra (LUNA) network collapse in mid-2022 led to a substantial ripple effect across the cryptocurrency market, which resulted in numerous enterprises either shutting down or filing for bankruptcy.
The decision to revoke the bail approval outlines the gravity of the states against Do Kwon and Han Chang-Joon. As legal proceedings continue, the case has drawn whole lot of attention owing to its implications for the cryptocurrency industry and the capacity consequences for the Terra (LUNA) cryptocurrency.