The disgraced founder of Terraform Labs, Do Kwon, grapples with yet another setback in his bid for freedom. Kwon and his former CFO, Han Chong-joon, face an array of charges. From passport fraud to allegations of far more serious financial misdeeds.
Kwon may be closer to the beginning than the end of his legal journey. Certain of the charges he faces may eventually result in extradition to one or more countries whose governments are extremely hard on crypto malfeasance. The United States, for example.
Do Kwon Will Stay Locked Up
The high court in Montenegro’s capital, Podgorica, has reversed the lower court’s decision and denied bail to Do Kwon, the founder of Terraform Labs, and Han Chong-joon, Kwon’s former chief financial officer, Bloomberg reported Wednesday.
According to Bloomberg, court spokeswoman Marija Rakovic confirmed the overturning of the decision, stating that Kwon remains in jail.
The High Court’s ruling requires the Basic Court in Podgorica to reconsider the case. There is no specific limit on the number of motions that can be filed between the judges regarding bail for the two South Korean nationals.
Basic Court to Rule Again on Do Kwon’s Bail
“The Basic court should now make another decision, taking into account what the High Court ruled,” Rakovic said.
Only two weeks ago, a court granted Kwon bail in a deal worth €400,000. Prosecutors appealed the decision, which brought us to Wednesday’s ruling.
They had initially protested the bail request due to the defendants’ status as a flight risk. Both individuals are facing charges of passport fraud, which they deny.
Police arrested both men at an airport in Montenegro in March for supposedly using fake travel documents. Both individuals were on the run for several months. They insist that the passports they used were real.
Kwon disappeared shortly after the collapse of Terra/Luna. The resulting market crash wiped out $45 billion in market value within a week.
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