Terra Executives Remain in Montenegro Jail as Do Kwons Bail Revoked: Bloomberg

Terra Executives Remain in Montenegro Jail as Do Kwons Bail Revoked: Bloomberg

The higher courts of Montenegro have revoked the bail of former crypto giant and co-founder of Terraform Labs, Do Kwon, and his former CFO, Han Chang-joon, who will remain in prison while awaiting their passport fraud trial.

Key Takeaways

  • The higher courts of Montenegro annulled the decision of the basic court’s decision to release Kwon and Chang-joon on bail.
  • The two Terra (LUNA) executives are to remain in Montenegrin prison while awaiting their passport fraud trial.

12 days ago, Do Kwon and Han Chang-joon’s bail was accepted. Now, it has been revoked by the higher courts of Montenegro.

A high court in Montenegro annulled the lower court’s decision that would have allowed previous cryptocurrency giant and co- founder of Terraform Labs, Kwon, to be released on bail, according to Bloomberg.

The notice came from court spokeswoman, Marija Rakovic, who confirmed within a phone call on Wednesday with Bloomberg, that Kwon and his previous chief financial officer, Han Chang-joon will continue to stay in prison in Montenegro for his passport fraud case.

Both had at the beginning been granted approval for release on bail of $430,500, or 400,000 euros, by the Basic Court in Podgorica earlier these 30 days. Nonetheless, the prosecution challenged this decision, pushing the case back to a higher judge for further consideration.

With the high court’s decision, the Basic Court will be required to draft a new ruling that aligns with the decision made by the higher authority. Rakovic made it clear that there is no legal restriction on the number of motions for bail that can be filed for the two previous Terra (LUNA) execs.

“The Basic court should now make another decision, taking into account what the High Court ruled,” Rakovic informed Bloomberg.

As it stands, future of the both Kwon and Chang-joon remains uncertain as they await the following court decision.

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