- Despite the original favorable ruling, a higher court in Montenegro denies bail.
- Terra founder Do Kwon will stay behind bars until the forgery case is solved.
- Do Kwon and TerraForm are also charged with market manipulation by the SEC.
The High Court of Montenegro overturned the initial decision by a Podgorica court to grant TerraForm Labs founder Do Kwon bail. Initially, the Montenegrin law granted the proposed $436,400 bail for both defendants – Do Kwon and his travel partner Han Chang-joon.
However, the High Court vetoed this decision, which was taken against several state attorneys’ recommendations not to grant the evasive crypto entrepreneur bail. Montenegrin lawyers explained that the crypto fugitive is definitely “a flight risk” and has no plausible intention to stay in the Balkan country.
Ultimately, this means that the founder is in for an extended stay in one of Europe’s most notorious…
