Do Kwon bail revoked by Montenegro high court

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Do Kwon bail revoked by Montenegro high court

Published: 25 May. 2023, 11:33 Updated: 25 May. 2023, 11:35

Co-founder and CEO of cryptocurrency Terraform Labs is charged with a multibillion-dollar fraud in the United States. [REUTERS/YONHAP]

A higher court in Montenegro allowed the local prosecutors’ appeal to a lower court’s decision to grant bail to Do Kwon, the cryptocurrency mastermind charged with a multibillion-dollar fraud in the United States.

The High Court of Podgorica on Wednesday scrapped the bail of 800,000 euros ($880,000) granted to Kwon and Han Chang-joon, the former Terra CFO, accepting the Montenegrin prosecutors’ claim that the bail is far short of their actual wealth. The prosecutors also argued that the duo, listed on Interpol’s Red Notice, may flee the country.

Kwon, 32, and his fellow fugitive will remain in custody at a prison in Podgorica for future court proceedings.

Kwon and Han had filed the request for their bail with a lower court in Montenegro on May 11. It was granted on the following day.

They said they had a “medium” size of wealth when asked about their financial status by the judge during a trial on May 11.

Kwon said he owned property worth $3 million in Korea with his wife but did not confirm the size of other assets he owns because of their “high volatility.”

Kwon and Han were caught attempting to board a flight to Dubai from Podgorica Airport with a forged Costa Rican passport on March 23. They were also in possession of fake Belgian IDs. They are being tried under forgery charges.

BY SOHN DONG-JOO [sohn.dongjoo@joongang.co.kr]