Why Terraform Labs co-founder Do Kwons bail was revoked: The shocking truth revealed

Why Terraform Labs co-founder Do Kwons bail was revoked: The shocking truth revealed


Terraform Labs co-founder Do Kwon’s bail approval was revoked due to insufficient assessment of the value of his property, according to a high court decision, resulting in his continued detention while facing charges of falsifying official documents in Montenegro.

A lower court had determined the value of Kwon’s property according to “statements” and not concrete evidence, a high court quoted in a decision to scrap his bail approval.

Terraform Labs co- founder Do Kwon will remain in detention while he faces charges of falsifying official documents in Montenegro after a request for bail was approved and thereafter revoked, reports by a court statement from Thursday.

Despite the fact that the Basic Court in the country’s financial resources Podgorica had at the beginning accepted a bail proposition from Kwon’s lawyers, Bloomberg informed that a high court had annulled the decision on Wednesday.

In a statement, the Basic Court of Podgorica confirmed to CoinDesk the high court’s decision, and that it had received the agreed payment of 400,000 euros ($428,000) from Kwon on May 17.

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The High Court decided against the bail approval after it found the Basic Court did not sufficiently assess the the value of the defendant’s property, saying the lower court could not accept the value of defendants’ property ” according to their statements, but only concrete evidence,” that was, in this instant, not in the case files.

After the  High Court ruling, the Basic Court has decided to extend Kwon’s detention.

“In the renewed proceedings, the court will proceed reports by the High Court’s grounds for termination and after that cause a decision according to the proposition of the defense counsel for the defendants to accept bail,” the court said.

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Kwon, along with previous Terra (LUNA) executive Han Chang-joon, will be due in court for their next hearing on June 16.

The United States and South Korea have requested Kwon’s extradition from Montenegrin authorities to face criminal charges over the collapse of Terraform Labs in May last year.

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