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Breaking: Do Kwon's $473K Bail Scrapped, To Remain Behind Bars

source-logo  coingape.com 24 May 2023 15:51, UTC

Crypto News: According to recent reports, the bail approval of controversial crypto entrepreneur Do Kwon and his subordinate Han Chang-Joon has been scrapped by the Montenegro High Court. The decision comes after the local prosecution team contested the bail, alleging that the defendants had no intentions of staying in Montenegro as they were initially planning to flee the country for a foreign land.

Do Kwon To Stay In Jail

During the court hearing for Kwon’s bail acceptance, Haris Sabotic — a representative of the prosecution — raised objections, citing the lack of prescribed conditions to monitor the defendants’ activities under surveillance. Sabotic also expressed concerns that both defendants could deliberately evade and delay court hearings by failing to respond to court summons.

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On May 12, the legal team representing Do Kwon secured the bail order which accounted for nearly 400K Euros (437K USD). However, it was subsequently followed by an appeal from the State Prosecutor’s Office in Podgorica on May 17 against the court ruling.

Kwon Accused Of Forgery

Kwon and his co-founder are currently facing accusations of forgery by Montenegrin authorities, a charge that carries a potential prison sentence of five years. Despite maintaining their plea of “not guilty,” the accused are allegedly behind bars at the time of this new development.

Do Kwon was detained by the Montenegrin police in March at the airport of Podgorica. According to reports from the local officials, they were unable to verify Kwon’s immigration paperwork if he entered the country without going through the proper channels or following the entry procedures. Moreover, it was discovered that he was using forged travel documents while he was about to board a private jet to Dubai.

Kwon’s Extradition In Hot Waters

Both South Korea and the United States are actively seeking Kwon’s extradition. However, Montenegrin authorities have remained resolute in holding the crypto mogul until all local criminal proceedings are resolved. Over the past six months, numerous jurisdictions around the world have been on the lookout for Kwon as he allegedly ran a crypto sham that lost nearly $40 billion in investor money. The Terra (LUNA) network collapse in mid-2022 led to a massive ripple effect across the crypto market, which resulted in many businesses either shutting down or filing for bankruptcy.

The decision to revoke the bail approval highlights the gravity of the allegations against Do Kwon and Han Chang-Joon. As legal proceedings continue, the case has drawn significant attention due to its implications for the crypto industry and the potential consequences for the LUNA cryptocurrency.

Also Read: United States Seeks To Recover Stolen Crypto Assets From Binance