Do Kwon – co-founder of collapsed blockchain Terra (LUNA) – was denied bail after receiving initial approval to be freed for around $430,500.
- On Wednesday, a court spokesperson told Bloomberg that a high court in the capital of Monetegro overturned a lower court’s decision to release Kwon on €400,000. The founder remains in prison.
- Prosecutors were quick to call the lower court’s decision earlier this month, which left the decision up to the higher court.
“The Magistrate’s Court should now make another decision, taking into account what the High Court has decided,” said Marija Rakovic, the court’s spokesperson. “There is no legal limit to the number of motions that can follow between the respective judges to decide on the release on bail of the two South Korean nationals.”
- The decision also applies to Kwon’s former chief financial officer, Han Chong-Joon, who both pleaded not guilty to forgery charges after allegedly traveling to Montenegro with a fake passport.
- Kwon was arrested in Montenegro in March, after which he was claimed by the United States, South Korea and Singapore.
- The Securities and Exchange Commission has already accused the founder with fraud surrounding Terra’s UST and LUNA tokens and later accused him to collect 10,000 Bitcoin (BTC) from a Swiss bank.
- The collapse of Terra in May 2022 sparked a wave of insolvencies in the crypto industry that stretches through the end of the year, making Kwon one of the most hated figures in the world. industry.
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