Montenegro Court Revokes Do Kwon’s Bail

The high court in Montenegro has rescinded the low court’s ruling that previously allowed Terraform Labs co-founder Do Kwon to be released on bail of $436,000.

Kwon has remained in jail in the country since March after being arrested for using a false passport.

The United States and South Korea have both made moves to extradite him.

The arrest was the beginning of a series of crypto-market upheavals in 2022, with TerraUSD, the stablecoin created by Terraform Labs, crashing and erasing billions of dollars in investor funds.