File photo: South Korean cryptocurrency entrepreneur co-founder of Terraform Labs (Terra Luna), Do Kwon (C) is taken to court after being arrested at the airport on March 24, 2023 in Podgorica.
A Montenegrin court has annulled a lower court’s decision under which former crypto mogul and Terraform Labs co-founder Do Kwon would be released on bail.
The high court in Montenegro’s capital Podgorica overturned the earlier decision, court spokeswoman Marija Rakovic said by phone on Wednesday. Kwon remains in jail.
The decision also applies to Han Chong-joon, who served as Kwon’s former chief financial officer. Earlier this month, both won approval from the Basic Court in Podgorica to be released on 400,000 euro ($430,500) bail.
The prosecution promptly appealed the ruling, which sent the case to the higher judge to decide.
"The Basic court should now make another decision, taking into account what the High Court ruled,” Rakovic said. There is no legal limit to how many motions can follow between the respective judges in deciding on bail for the two South Korea nationals
