According to a report from Wednesday, May 24th, the high court in Podgorica, the capital of Montenegro, overturned the decision to release Do Kwon on bail. Do Kwon is sought by the United States and South Korea for his involvement with the LUNA crash, and is facing charges of attempting to cross the border with falsified documents in Montenegro.
Montenegro Court Revokes Kwon’s 400,000 Euro Bail
This Wednesday, a Montenegrin high court decided to revoke the bail of Do Kwon. Similarly, the court also overturned the earlier decision to release Han Chong-joon, Terraform Labs’ former CFO. Both men reportedly remain in prison.
Today’s decision reverses the one made by a lower court to release the two former executives reached on May 12th. The men’s lawyers asked for their release on a 400,000 euro bail earlier this month.
Do Kwon and Han Chong-joon were arrested at an airport in Montenegro on March 23rd when trying to exit the country using fake Costa Rican documents. At the time, similarly, falsified Belgian papers, as well as multiple mobile phones and laptops were found during a police search.
Do Kwon Sought After by South Korea and the US
Do Kwon has spent months as an international crypto fugitive after South Korean prosecutors revitalized their case against him in September 2022. He managed to remain at large for months despite there being an active Interpol red notice for his arrest.
Kwon is charged with connection to the catastrophic LUNA collapse that occurred in May 2022 and wiped out an estimated $60 billion worth of investments. The calamity also triggered a chain reaction that led to multiple bankruptcies and even, allegedly, hundreds of suicides.
If extradited to South Korea, Terraform Labs’ founder could face a prison sentence of up to 40 years. He also became the target of an SEC lawsuit earlier this year, also for his involvement with the LUNA crash and the US is similarly seeking his extradition.
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