A lower court’s decision to grant bail to former cryptocurrency billionaire and Terraform Labs co-founder Do Kwon has been rejected by a court in Montenegro.
According to court spokeswoman Marija Rakovic, the high court in the Montenegrin city of Podgorica reversed the prior judgment on Wednesday. Kwon is still detained.
The decision also applies to Han Chong-joon, who served as Kwon’s former chief financial officer. Both received permission from the Basic Court in Podgorica earlier this month to be released on 400,000 euro ($430,500) bail. The prosecution immediately filed an appeal of the decision, which was then forwarded to a higher judge to deliberate.
“The Basic court should now make another decision, taking into account what the High Court ruled,