Montenegro High Court Says No Bail for Terra's Do Kwon in Fake Passport Case: Bloomberg

Prosecutors appealed a previous decision by a lower court in the country to let the disgraced founder go free while he faced trial.

AccessTimeIconMay 24, 2023 at 4:38 p.m. UTC
Updated May 24, 2023 at 4:42 p.m. UTC
Drive the Crypto Policy Conversation Forward
October 24, 2023 • Convene • Washington D.C.Where the industry establishes the digital economy’s legal, regulatory and compliance best practices for the future.Register Now

A Montenegro high court has annulled a decision by a lower court to release Terraform Labs co-founder Do Kwon on bail as he faces charges of attempting to travel with falsified documents, Bloomberg reported on Wednesday.

The Basic Court of the country's capital Podgorica had accepted a previous proposal made by Kwon's lawyers in early May to release the disgraced crypto founder and fellow defendant Terra executive Han Chang-joon on supervised bail with a payment of 400,000 euros ($435,000) each as their trial continues.

The prosecution for the case made a speedy appeal against the decision before a Podgorica high court took a decision against that of the basic court.

The U.S. 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.

The lower court must now make a decision taking into account what the higher court decided, a spokesperson for the court told Bloomberg.

CoinDesk has reached out to the Montenegrin courts for comment.

Edited by Nikhilesh De.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Sandali Handagama

Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She does not own any crypto.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.