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
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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.

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Sandali Handagama

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


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