The bail of Do Kwon, the former CEO of South Korea-based Terraform Labs, the company behind the stablecoin TerraUSD, which crashed in May last year and shook the cryptocurrency markets, has been revoked.
Court spokeswoman Marija Rakovic said in a phone call that the previous decision was overturned by the high court in Podgorica, the capital of Montenegro. Kwon will continue to be held in prison.
Prosecutors objected, the decision went to a higher court
The decision also includes Han Chong-joon, who previously served as chief financial officer under Kwon’s leadership. The previous month, a lower court in Podgorica allowed both men to be released on bail of 400,000 euros ($430,500). The prosecution immediately appealed against the decision and the file was sent to a higher court for a decision.
Rakovic suggested that the lower court make a new decision, taking into account the decision of the upper court.
Request for house arrest in an apartment in Montenegro
Do Kwon’s lawyers offered bail for Kwon and Han Chong-joon to be placed under house arrest on May 11 from a court in the Montenegrin capital Podgorica. The legal team said the two could stay in an apartment in Montenegro, provided they periodically report to the designated government authority.
