Terra co-founder Do Kwon denied bail by Montenegro court

Do Kwon – co-founder of the collapsed Terra (LUNA) blockchain – has been denied bail after receiving a preliminary approval to be released for approximately $430,500.

• court on wednesday Spokesman told Bloomberg that a higher court in the capital of Montenegro overturned a lower court’s decision release Quon at €400,000. The founder is in jail.
• prosecutors were quick appeal The lower court’s ruling earlier this month, which left it to the upper court to decide things.

• Court spokeswoman Marija Rakovic said, “The Basic Court should now make another decision, taking into account the decision that the High Court has made.” “There is no legal limit on how many motions can be followed between the judges concerned in deciding on the bail of the two South Korean citizens.”

• The ruling also applies to Kwon’s former chief financial officer, Han Chong-joon, who have both pleaded not guilty to charges of document forgery after allegedly traveling to Montenegro on forged passports.
• Quan was arrested in March in Montenegro, after which he was sought by the United States, South Korea and Singapore.
• Securities and Exchange Commission is already Was accused Founder with Terra’s UST and LUNA tokens and subsequent fraud accused To cash him 10,000 bitcoin (BTC) in a Swiss bank.
• The collapse of Terra in May 2022 triggered a wave of bankruptcies throughout the crypto industry until the end of the year, turning Kwon into one of the industry’s most hated figures.

Do Kwon – co-founder of the collapsed Terra (LUNA) blockchain – has been denied bail after receiving a preliminary approval to be released for approximately $430,500.

• court on wednesday Spokesman told Bloomberg that a higher court in the capital of Montenegro overturned a lower court’s decision release Quon at €400,000. The founder is in jail.
• prosecutors were quick appeal The lower court’s ruling earlier this month, which left it to the upper court to decide things.

• Court spokeswoman Marija Rakovic said, “The Basic Court should now make another decision, taking into account the decision that the High Court has made.” “There is no legal limit on how many motions can be followed between the judges concerned in deciding on the bail of the two South Korean citizens.”

• The ruling also applies to Kwon’s former chief financial officer, Han Chong-joon, who have both pleaded not guilty to charges of document forgery after allegedly traveling to Montenegro on forged passports.
• Quan was arrested in March in Montenegro, after which he was sought by the United States, South Korea and Singapore.
• Securities and Exchange Commission is already Was accused Founder with Terra’s UST and LUNA tokens and subsequent fraud accused To cash him 10,000 bitcoin (BTC) in a Swiss bank.
• The collapse of Terra in May 2022 triggered a wave of bankruptcies throughout the crypto industry until the end of the year, turning Kwon into one of the industry’s most hated figures.