A Montenegrin high court judge has reportedly invalidated the bail appย 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-Founderโs Bail Request Invalidated by Montenegrin High Court
Duringย theย previous 62 days, Do Kwon has remained incarcerated in Montenegroโs financialย resources after being apprehended at Podgorica airport. Kwon, along with his accomplice Han Chong-joon, allegedly aimedย to depart from Montenegro for Dubai.
Nonetheless, their plans were thwarted when Kwon was realizedย carrying forged identification documents. Montenegroโs interior minister, Filip Adzic, confirmed the arrest and subsequent detention of Kwon in Podgorica.
Ever everย since, Kwon has found himself trapped within the confines of Montenegroโs 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 courtโs bail ruling.
On Wednesday morning, Bloomberg reporters received theย latestย information directly from Marija Rakovic, a court spokeswoman. Apart from Kwonโs ongoing legal woes in Podgorica, the co- founder of Terraform Labs likewise faces extradition requests from both theย Unitedย States and South Korea. A report released in late March revealed that Montenegro had allegedly decided to withhold Kwonโs extradition until he had undergone a trial and received proper legal proceedings.
โThe basic court should now make another decision, taking into account what the high court ruled,โ Rakovic notified Bloomberg during their conversation on Wednesday. This development comes in the wake of a Seoul court granting permission for the confiscation of Kwonโs assets, valued at $176 million.
Inย 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 FTXย Tradingย Ltd, Kwon seemsย to have had ample financialย resources toย finance his pricey legal defenses thus far.
