As per a recent news report, the Montenegro High Court has decided to revoke the bail approval of Do Kwon, a well-known figure in the world of cryptocurrency, and his associate Han Chang-Joon.
Bail Overturned: Kwon Denied Release
The latest development indicates that Kwon and Joon are to remain in custody while their legal case progresses. The decision was made after the local prosecution team raised concerns that the defendants were planning to flee the country instead of facing the charges against them. This reached the point where Interpol had to issue a red notice against the Terra founder.
Do Kwon and Han Chang-Joon are currently facing serious allegations of forgery from Montenegrin authorities, which could lead to a prison sentence of up to five years if they are found guilty. Do Kwon’s arrest occurred back in March at the Podgorica airport, where it was discovered that he was using fake travel documents while attempting to board a private jet bound for Dubai.
Serious Charges against Do Kwon
Initially, Do Kwon’s legal team had secured bail for him, amounting to around 400K Euros (approximately 437K USD). However, the State Prosecutor’s Office in Podgorica filed an appeal against this decision, leading to the bail approval being overturned. As a result, Do Kwon will remain in custody for the time being as the legal proceedings continue.
Global Extradition Battle
The case has garnered significant attention because both South Korea and the United States are seeking Do Kwon’s extradition. However, the Montenegrin authorities have decided to keep him in custody until all the local criminal proceedings are completed. The allegations against Do Kwon and Han Chang-Joon stem from their alleged involvement in a cryptocurrency scam that resulted in substantial financial losses for investors. This scam also caused the collapse of the Terra (LUNA) network in mid-2022.
The decision to revoke the bail approval highlights the seriousness of the charges against Do Kwon and Han Chang-Joon. The case has implications not only for the individuals involved but also for the broader cryptocurrency industry and the future of the LUNA cryptocurrency.