Terraform Labs Co-Founders Bail Revoked: Trapped in Montenegro Prison for 62 Days

Terraform Labs Co-Founders Bail Revoked: Trapped in Montenegro Prison for 62 Days

The Montenegrin high court has invalidated the bail application of Do Kwon, co-founder of Terraform Labs, who was detained for providing false identification while boarding a flight to Dubai.

A Montenegrin high court judge has reportedly invalidated the bail app  of Do Kwon, the co- founder of Terraform Labs. Kwon was detained for supplying false identification while boarding a flight to Dubai alongside a companion on March 23, 2023.

Terraform Labs Co-Founder’s Bail Request Invalidated by Montenegrin High Court

During the previous 62 days, Do Kwon has remained incarcerated in Montenegro’s financial resources after being apprehended at Podgorica airport. Kwon, along with his accomplice Han Chong-joon, allegedly aimed to depart from Montenegro for Dubai.

Nonetheless, their plans were thwarted when Kwon was realized  carrying forged identification documents. Montenegro’s interior minister, Filip Adzic, confirmed the arrest and subsequent detention of Kwon in Podgorica.

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Ever ever since, Kwon has found himself trapped within the confines of Montenegro’s prisons, and jails with distressing reports about the treatment of inmates and the dire state of prison infrastructure in the country.

At the start of May, a glimmer of hope resurfaced as Kwon and Chong-joon were granted permission by the lower court in Montenegro to secure their release by posting bail amounting to $430,500. Nonetheless, the optimism was short-lived as news surfaced on Wednesday, May 24, 2023, revealing that a higher court had decisively annulled the lower court’s bail ruling.

On Wednesday morning, Bloomberg reporters received the latest information directly from Marija Rakovic, a court spokeswoman. Apart from Kwon’s ongoing legal woes in Podgorica, the co- founder of Terraform Labs likewise faces extradition requests from both the  United States and South Korea. A report released in late March revealed that Montenegro had allegedly decided to withhold Kwon’s extradition until he had undergone a trial and received proper legal proceedings.

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“The basic court should now make another decision, taking into account what the high court ruled,” Rakovic notified Bloomberg during their conversation on Wednesday. This development comes in the wake of a Seoul court granting permission for the confiscation of Kwon’s assets, valued at $176 million.

In addition, there are suspicions that the co- founder of Terraform Labs may have stashed away $100 Million in a Swiss bank account. Much like Sam Bankman-Fried, the disgraced co- founder of FTX Trading Ltd, Kwon seems to have had ample financial resources to finance his pricey legal defenses thus far.


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