Do Kwon’s Bail Revoked in Montenegro High Court, Potential Extradition Looms
In a significant development in the legal proceedings against Do Kwon, the founder of Terraform Labs, and Han Chong-joon, Kwon’s former chief financial officer, the high court in Montenegro has overturned the lower court’s decision and denied bail. This decision brings Kwon one step closer to a prolonged legal journey, with the possibility of extradition to countries, such as the United States, known for their strict stance against cryptocurrency-related crimes.
According to Bloomberg’s report on Wednesday, court spokeswoman Marija Rakovic confirmed the bail revocation, stating that Kwon will remain in jail pending further proceedings. The ruling by the High Court now requires the Basic Court in Podgorica to reassess the case, without imposing any specific limit on the number of motions that can be filed regarding bail for the two South Korean nationals. Rakovic emphasized,
“The Basic Court should now make another decision, taking into account what the High Court ruled”.
Just two weeks ago, Kwon was granted bail under a €400,000 deal, a decision that has now been overturned following prosecutors’ appeal. Initially, prosecutors had opposed the bail request, citing concerns about the defendants being a flight risk. Kwon and Han Chong-joon are facing charges of passport fraud, vehemently denying the accusations.
The arrest of both men took place in March at an airport in Montenegro, where they were allegedly using counterfeit travel documents. Following several months on the run, they assert that the passports they used were genuine and not fake, as claimed by the authorities.
Notably, Kwon’s disappearance coincided with the collapse of Terra/Luna, leading to a market crash that wiped out a staggering $45 billion in market value within a week. The repercussions of these events have been felt throughout the cryptocurrency industry, and the legal battle against Kwon and Han Chong-joon continues to unfold, possibly culminating in their extradition to jurisdictions renowned for their strict measures against crypto malfeasance.
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