Key Point

• Court’s ruling to release Do Kwon into house arrest in Montenegro has been revoked

The Montenegrin court’s decision to release the CEO of Terraform Labs on bail has been revoked, Bloomberg reports, citing a statement by the court’s spokeswoman.

Following Montenegrin’s court ruling to release Kwon earlier this month, the country’s prosecutors appealed the ruling, noting that the Terraform Labs CEO may escape the country as he has no intention of staying in Montenegro, which is why Kwon will be back in custody.

“The Basic Court should now make another decision, taking into account what the High Court ruled,” Marija Rakovic, the court’s spokeswoman, told Bloomberg, per a Wednesday report.

This came about 2 weeks after the Montenegrin court granted Do Kwon and Han Chong-joon bail on a $436,000 bond.

The court’s decision to revoke Kwon’s bail also applied to Han Chong-joon, the ex-Terra Chief Financial Officer who was arrested alongside Do Kwon in March 2023 in a Montenegro airport.

Do Kwon was arrested in March while attempting to leave Montenegro with a fake passport, a crime to which he pleaded not guilty.

His arrest also came many weeks after Interpol issued a red notice on him, making him a wanted fugitive.

Currently, there is a jurisdictional battle between the South Korean prosecutors and the US on who will prosecute Do Kwon, the head of South Korean prosecutors has informed Montenegro that justice for Terra victims would best be served in Kwon’s home country; therefore, Kwon should be extradited to South Korea, instead of the US.

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