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Cryptocurrency founder Do Kwon’s release revoked by Montenegro high court – Cryptopolitan

source-logo  cryptopolitan.com 24 May 2023 18:18, UTC

TL;DR Breakdown

  • The high court in Podgorica, Montenegro, has revoked the release of the founder of Terraform Labs.
  • Kwon and Chong-joon were caught attempting to leave the country using deceptive documentation and were subsequently arrested.
  • Kwon is facing indictments for criminal fraud in the US and South Korea, with both countries seeking extradition.

The high court in Montenegro’s capital, Podgorica, has revoked the release of the cryptocurrency and the founder of Terraform Labs, along with his former chief financial officer Han Chong-joon, following an appeal by the prosecutors in Montenegro.

Caught in March, the duo found themselves in custody when their exit strategy involved deceptive documentation, leading to their arrest. Their ill-fated attempt to depart the country was foiled as they sought to slip away unnoticed, only to face the consequences of their falsified papers.

On May 12, the Basic Court in Podgorica, the capital of Montenegro, released the fugitive crypto executives on a bail of 400,000 euros ($435,000) each, placing them under house arrest.

This decision, proposed by their defense team, is now being challenged by prosecutors, who appealed the ruling to the high court in the subsequent week. As a result, the Basic Court will reevaluate the bail for Kwon and Chong-joon, with the report indicating that there is no set limit on the number of times the decisions of the Basic Court can be appealed.

The court’s spokesperson, Marija Rakovic, has announced that another ruling regarding the recent decision made by the High Court should be made through the primary court appeal. Marija Rakovic stated that there are no legal limitations on the number of motions that can be submitted between the respective judges for determining bail for the two South Korean nationals.

Kwon, currently awaiting trial in Montenegro, faces additional indictments for criminal fraud in both the US and South Korea. Both countries are actively seeking to extradite him. Furthermore, the Securities and Exchange Commission (SEC) has taken legal action against Kwon, filing civil charges accusing him of violating registration and anti-fraud regulations.

While awaiting trial, Kwon finds himself at the center of legal proceedings in multiple jurisdictions. The US and South Korea are determined to bring him to justice by charging him with criminal fraud.

Meanwhile, the SEC has taken a separate course of action, alleging that Kwon has violated registration and anti-fraud rules. These legal actions demonstrate the extent of the accusations and the efforts being made to hold Kwon accountable for his alleged offenses.

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