In a shock flip of occasions, the Montenegro Excessive Court docket has reversed a earlier determination allowing controversial Terraform Labs co-founder Do Kwon to be launched on bail.

This determination additionally encompasses Han Chong-joon, Kwon’s former CFO, who each face potential jail time on accusations of doc forgery. As reported by Bloomberg, each South Korea and the USA are looking for extradition.

Court docket spokeswoman Marija Rakovic knowledgeable Bloomberg that Kwon would stay behind bars whereas the fundamental courtroom is ready to make one other determination in mild of this excessive courtroom ruling.

She additional clarified that there aren’t any authorized restrictions on the variety of motions that may be made between the judges concerning the bail determination for the 2 South Korean nationals.

It is price mentioning the courtroom’s unique determination was to position each Kwon and Han below home arrest, monitored by police, for bail of greater than $400,000 every.

This occurred the day after Kwon’s preliminary courtroom listening to following his arrest at a Montenegrin airport in March.

The Terra founder, a South Korean native, allegedly tried to flee to Dubai with a purpose to escape jail. 

As reported by U.Immediately, Kwon might withstand 40 years in jail in South Korea as a consequence of his function within the Terra Luna Coin incident and the $40 billion TerraUSD collapse, with South Korean and U.S. authorities at present competing for his extradition from Montenegro.