Fallen crypto titan Do Kwon to stay in Montenegro jail after bail revoked

• A Montenegrin high court revoked bail for Do Kwon and his former CFO.
• The Terraform Labs co-founder was earlier offered bail of €400,000.
• The move follows fears that Kwon is a flight risk.

A Montenegrin high court has revoked bail for Terraform Labs co-founder Do Kwon and his former chief financial officer.

The court overturned an earlier decision, Marija Rakovic, a court spokeswoman, confirmed to DL News this afternoon. On May 12, a court ruled that Kwon and Han Chang-joon would be granted bail on the condition they paid €400,000 each.

Prosecutor Haris Šabotić, who filed to appeal the bail, told DL News that he had not yet received the official statement from the court regarding their decision to repeal bail.

“I won’t know more until I read the decision. Even I found out from the media that the Basic Court decision was suspended and returned,” he told DL News.

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Lawyer Branko Anđelić, who is representing both Do Kwon and Han Chang-Joon, didn’t immediately return a request for comment.

Rakovic said that the decision will be returned to the basic court — where the first hearing took place — for approval. The judges of both courts may debate the status of the ruling indefinitely, though Kwon and Chang-joon will remain in jail as deliberations continue.

Bloomberg earlier reported that the court revoked Do Kwon’s bail.

The move follows fears that Kwon is a flight risk. Šabotić told the court earlier this month that he objected to the application for bail, arguing that Kwon and Han had “zero interest” in staying in Montenegro.

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The amount was not enough to keep the two from leaving the country, he said.

The Terraform Labs co-founder and his former chief financial officer stand accused of faking documents to flee to Dubai following a six-month manhunt. They have both denied the charges.

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The pair both told the court earlier this month that the money for bail would be posted by their wives. When asked by a judge about the status of their finances, Kwon — who was reported as withdrawing over $100 million in fiat to a Swiss bank account in 2022 — stated them as “average.”

Other global authorities are hankering for a chance to extradite Kwon, as pending class action lawsuits pile up in the US, South Korea, and beyond.