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Montenegro High Court Says No Bail for Terra's Do Kwon in Fake Passport Case: Bloomberg
Prosecutors appealed a previous decision by a lower court in the country to let the disgraced founder go free while he faced trial.
A Montenegro high court has annulled a decision by a lower court to release Terraform Labs co-founder Do Kwon on bail as he faces charges of attempting to travel with falsified documents, Bloomberg reported on Wednesday.
The Basic Court of the country's capital Podgorica had accepted a previous proposal made by Kwon's lawyers in early May to release the disgraced crypto founder and fellow defendant Terra executive Han Chang-joon on supervised bail with a payment of 400,000 euros ($435,000) each as their trial continues.
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The prosecution for the case made a speedy appeal against the decision before a Podgorica high court took a decision against that of the basic court.
The U.S. and South Korea have requested Kwon's extradition from Montenegrin authorities to face criminal charges over the collapse of Terraform Labs in May last year.
The lower court must now make a decision taking into account what the higher court decided, a spokesperson for the court told Bloomberg.
CoinDesk has reached out to the Montenegrin courts for comment.
Read more: Do Kwon Set to Be Released on Bail in Montenegro Travel Document Forgery Case
Sandali Handagama
Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She is an alumna of Columbia University's graduate school of journalism and has contributed to a variety of publications including The Guardian, Bloomberg, The Nation and Popular Science. Sandali doesn't own any crypto and she tweets as @iamsandali
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
Was Sie wissen sollten:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
