Source:https:\/\/techcrunch.com\/2023\/05\/25\/montenegro-court-overturns-terraform-founder-do-kwons-bail\/<\/a><\/br>
\nMontenegro court overturns Terraform founder Do Kwon\u2019s bail\u00a0<\/br>
\n2023-05-25 21:47:25<\/br><\/p>\n

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A high court in Montenegro overrode a lower court\u2019s previous decision that would have released Terraform Labs founder Do Kwon on bail. Bloomberg first reported<\/a> on the news.<\/p>\n

Kwon will remain in jail until the Basic Court in Montenegro makes another decision in light of the latest decision by the high court, per Bloomberg, which cited a court spokesperson.<\/p>\n

The high court ruling comes nearly two weeks after Montenegro\u2019s Basic Court agreed to release<\/a> detained Kwon and his former colleague Chang-joon Han on bail.<\/p>\n

At the first hearing earlier this month, Kwon\u00a0pleaded not guilty<\/a> to a charge of forging his passport and travel documents. Kwon and Han\u2019s lawyer requested the Montenegrin court to release them on bail at \u20ac400,000 ($437,000) each and proposed house arrest under police supervision.<\/p>\n

The two men were arrested at the airport in Podgorica, the capital of Montenegro, in March<\/a> while trying to fly to Dubai.<\/p>\n

A year ago, Terraform\u2019s stablecoin TerraUSD (UST), an algorithm stablecoin that worked with its sister coin Luna, lost its $1 peg, which wiped out approximately $40 billion in market value and collapsed many crypto firms.<\/p>\n

Both the U.S. and South Korean authorities currently seek Kwon\u2019s extradition to face charges. If Kwon is convicted of falsifying his documents in Montenegro, he may have to\u00a0serve his prison sentence\u00a0<\/a>before being extradited to the U.S. or South Korea. The next hearing is set for June.<\/p>\n<\/p><\/div>\n

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Tech, Technology<\/br>
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\nSource:https:\/\/techcrunch.com\/2023\/05\/25\/montenegro-court-overturns-terraform-founder-do-kwons-bail\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/05\/25\/montenegro-court-overturns-terraform-founder-do-kwons-bail\/ Montenegro court overturns Terraform founder Do Kwon\u2019s bail\u00a0 2023-05-25 21:47:25 A high court in Montenegro overrode a lower court\u2019s previous decision that would have released Terraform Labs founder Do Kwon on bail. Bloomberg first reported on the news. Kwon will remain in jail until the Basic Court in Montenegro makes another decision in light […]<\/p>\n","protected":false},"author":1,"featured_media":33286,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,8],"tags":[],"class_list":["post-33285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology"],"yoast_head":"\n