Terra Co-Founder Do Kwon Denied Bail By Montenegro Court

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

• On Wednesday, court official speaker He told Bloomberg that a higher court in the capital of Montenegro overturned a lower court’s decision launch Kwon for 400,000 euros. The founder is still in prison.
• The plaintiffs were quick gravity The lower court decision earlier this month, which left matters for the higher court to decide.

• Court spokeswoman Maria Rakovic said: “The substantive court must now make another decision, taking into account what the Supreme Court has ruled.” “There is no legal limit to the number of applications that can follow among the judges involved in deciding whether to grant bail to South Korean nationals.”

• The ruling also applies to Kwon’s former chief financial officer, Han Chung-jun, both of whom pleaded not guilty to document forgery charges after they allegedly traveled to Montenegro on fake passports.
• Kwon was captured in Montenegro in March, after which he was claimed by the United States, South Korea and Singapore.
• The Securities and Exchange Commission already has it Accused Founder with fraud surrounding Terra’s UST, LUNA, and beyond tokens Accused He cashed 10,000 Bitcoin (BTC) from a Swiss bank.
• The collapse of Terra in May 2022 unleashed a wave of bankruptcies across the cryptocurrency industry that stretched into the end of the year, making Kwon one of the most hated figures in the industry.