The high court of Montenegro in Podgorica overturned a decision from two weeks ago to release Kwon and Terraformโs previous chief financial officer Han Chong-joon on โฌ400,000 ($436,000) bail each.
Andย once, the court had ordered that the men would be placed under house arrest in Montenegro while they awaited trial.ย Bloomberg reports that Kwon โremains in jailโ now following todayโs decision. The decision to revoke bail on Wednesday likewise applies to Chong-joon, a court spokesperson informed theย latestย information outlet.
Followingย the lower court granted Kwon and Chong-joon bail, the prosecution appealed the decision. Court spokeswoman Marija Rakovic toldย Bloomberg that the matter will now go back to the lower court.
Kwon and Chong-joon have been charged with forging official documents after attemptingย to fly to Dubai from Podgorica in March with allegedly fake Belgian and Costa Rican passports. In court appearances so far, both men have maintained that the passports are genuine.
Apart from the forgery charges, the Kwon likewise faces criminal charges in the Unitedย States and South Korea. South Korea has had a warrant out for Kwonโs arrest since September, alleging that he violated financialย resources market laws.
In February, the Unitedย States Securities and Exchange Commission filed civil charges against Kwon for violating the registration and anti-fraud provisions of the securities and exchange acts.
The May 2022 collapse of Terraform Labโs ecologicalย system, which included its algorithmic cryptoย stablecoin TerraUSD and governance cryptoย token Terraย (LUNA) (LUNA), set off an industry-wide panic as other established corporations crumbled.
Cryptocurrency hedge fund Threeย Arrowsย Capitalย (3AC), broker Voyager Digital, and lender Celsiusย Networkย LLC Network all filed for bankruptcy soon after Terraย (LUNA) got wiped out. In the months that followed, cryptocurrency lender BlockFi and cryptocurrency exchange FTXย Tradingย Ltd likewise dropped. They were less directly in Terraโs blast radius, but still victims of the contagion it set off.
