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Montenegro Court Scraps Bail for Terraform Labs CEO Kwon

Written: 2023-05-25 09:59:09Updated: 2023-05-25 10:34:32

Montenegro Court Scraps Bail for Terraform Labs CEO Kwon

Photo : YONHAP News

A higher court in Montenegro on Wednesday revoked bail previously granted to Kwon Do-hyeong, the disgraced co-founder of blockchain firm Terraform Labs.

According to local media outlets, the high court in Montenegro's capital city Podgorica reversed an earlier ruling by a lower court to release Kwon on bail for 400-thousand euros, which was quickly appealed by prosecutors.

With the bail revoked, he will stand trial while in detention.

Kwon was arrested on March 23 at the airport in the Montenegrin capital Podgorica while attempting to board a flight to Dubai with a fake passport after eleven months on the run following massive investor losses of nearly 40 billion U.S. dollars worldwide caused by his cryptocurrency firm.

The next hearing is set for June 16.

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