Do Kwon and his partner paid €800,000 bail and stayed in jail
Founder of Terraform Labs Do Kwon and his ex-colleague Han Chang Joon have paid €800 thousand bail and remained in jail.
High Court of Montenegro canceled the decision of the court of first instance to release the defendants from custody
Terraform Labs co-founder Do Kwon and former Terraform Labs CFO Han Chang Joon paid €800,000 bail but remained in jail. The Montenegrin High Court overturned the trial court's decision to release Kwon and Han on bail, according to a report on its website.
Kwon and Han were arrested on March 23 by Montenegrin police at Podgorica airport for trying to fly to Dubai with fake documents. Kwon is accused by South Korean and U.S. authorities of fraud related to the May 2022 TerraUSD (UST) and LUNA token crash.
Both countries requested his extradition, but Montenegrin authorities said it would only be possible after a local trial and Kwon's possible serving of a sentence in the forgery case.
On May 12, a court agreed to release Kwon and his former colleague from custody on €400,000 bail for each of them. The higher court's decision to overturn the first ruling was based on an appeal by the prosecutor's office.
"The high court found that the court of first instance could not establish the value of the assets (of the defendants) on the basis of their statements, this is only possible on the basis of specific evidence, which is not in the case file," the report said.
The document also says that bail was paid on May 17. €800 thousand were received in the bank account of the trial court. The court will review its decision in light of the High Court ruling.
Kwon and Han remain in custody. The next hearing in the forgery case will take place on June 16.
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