The Podgorica Excessive Courtroom has reversed its determination to grant bail to Terraform Labs Chief Government Kwon Do-hyeong and former Chief Monetary Officer Han Chang-joon.
See associated article: From a billionaire to a Montenegrin jail: The fast rise and fall of chief Terra Do Kwon
Quick details
Each Kwon and Han will stay in jail, whereas the following trial for the 2 South Korean nationals is anticipated to happen on June 16.
The 2 have been arrested at Podgorica airport on March 23 for allegedly making an attempt to fly overseas utilizing pretend passports. Kwon, a South Korean citizen, is topic to Interpol’s Purple Discover requesting regulation enforcement businesses to detain him.
Kwon and Han deny allegations of solid journey paperwork, whereas their attorneys proposed that they be given bail of 400,000 euros (US$437,000) every. The native court docket granted the request on Might 12. Montenegrin prosecutors then appealed the court docket’s determination lower than per week later.
The algorithmic stablecoin Terraform and the Terra-Luna cryptocurrency venture collapsed in Might 2022, wiping out a market cap of over US$40 billion. Kwon is needed within the US and South Korea, the place prosecutors have charged him with fraud, securities regulation violations and a number of other different costs associated to the collapse.
Kwon has repeatedly denied all costs in opposition to him. He admitted {that a} mistake was made within the Terra-Luna crypto venture managed by his firm Terraform Labs. Nonetheless, he argued there was by no means any intention to deceive traders.
Kwon claims that the accusations in opposition to him in South Korea are politically motivated.
See associated article: South Korea units Might 26 trial date for Terraform Labs co-founder D anie l Shin, o the rs