A higher court in Montenegro on Wednesday scrapped bail of 800,000 euros ($880,640) previously granted to Do Kwon, a cryptocurrency entrepreneur charged in the U.S. with a multibillion-dollar fraud, and his ally pending a trial, Reuters reported. Do Kwon, a South Korean national, is the former CEO of South Korea-based Terraform Labs, the company behind the stablecoin TerraUSD that collapsed in May 2022, roiling cryptocurrency markets. He was detained in March along with Han Chang-joon, Terraform Labs' former finance officer, as they tried to board a flight to Dubai at the airport of Montenegro's capital Podgorica. The pair were charged with forging official documents and a court in Podgorica ordered them to be placed in a 30-day pre-trial detention. They remain in pre-trial detention. The prosecution maintained that the defendants, once released from detention, would have no interest to stay in Montenegro where they would await their extradition. Following Do Kwon's arrest, the U.S. District Court in Manhattan made public an eight-count indictment against him for securities fraud, wire fraud, commodities fraud and conspiracy. Read more.
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