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Montenegrin Prosecutors Appeal Bail for Terraform Labs CEO Kwon

Written: 2023-06-08 08:28:14Updated: 2023-06-08 09:09:57

Montenegrin Prosecutors Appeal Bail for Terraform Labs CEO Kwon

Photo : YONHAP News

Prosecutors in Montenegro have once again appealed a local court’s decision to grant bail to the disgraced co-founder of blockchain firm Terraform Labs, Kwon Do-hyeong, currently facing charges of document forgery.

A court in the southeastern European country’s capital of Podgorica said on Wednesday that the prosecution filed an appeal against its ruling with a higher court, after previously blocking Kwon’s conditional release in the same manner.

The move has effectively postponed the release of Kwon and his associate, Han Chang-joon, until the appellate court makes a decision.

The pair were arrested on March 23 at the airport in Podgorica while attempting to board a flight to Dubai with fake passports. Kwon had been on the run for eleven months after the collapse of his cryptocurrency firm triggered massive investor losses of nearly 40 billion U.S. dollars worldwide.

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