Cryptocurrency News: Reportsย 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 comesย after the local prosecution team contested the bail, alleging that the defendants had no intentions of remaining in Montenegro as they were atย theย beginning planning to flee the country for a foreign land.
Do Kwon To Stay In Jail
During the court hearing for Kwonโs bail acceptance, Haris Sabotic โ a representative of the prosecution โ raised objections, citing the lack of prescribed conditions to monitor the defendantsโ 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 followingย that followed by an appeal from the State Prosecutorโs Office in Podgorica on May 17 against the court ruling.
Kwon Accused Of Forgery
Kwon and his co- founder are asย ofย now facing accusations of forgery by Montenegrin authorities, a charge that carries a potential prison sentence of 5 years. Regardlessย of maintaining their plea of โnot guilty,โ 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. Reportsย by reports from the local officials, they were unable to verify Kwonโs immigration paperwork if he entered the country without going through the proper channels or following the entry procedures. Furthermore, it was realizedย that he was using forged travel documents while he was about to board a private jet to Dubai.
Kwonโs Extradition In Hot Waters
Both South Korea and theย Unitedย States are actively seeking Kwonโs extradition. Nonetheless, Montenegrin authorities have remained resolute in holding the cryptocurrency mogul until all local criminal proceedings are resolved. Inย theย previous 6 months, numerous jurisdictions aroundย theย globe have been on the lookout for Kwon as he allegedly ran a cryptocurrency sham that lost nearly $40 Billion in investor money. The Terraย (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 wholeย lotย of attention owingย to its implications for the cryptocurrency industry and theย capacity consequences for the Terraย (LUNA) cryptocurrency.
