Do Kwon Headed Back to Jail as Bail Revoked

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  • Do Kwon has had his bail revoked in Montenegro by the High Court
  • Kwon and his associate Han Chang-Joon were both awarded bail last month, but the high court has reversed the decision
  • The pair were arrested in March trying to leave the country with fake passports

Do Kwon’s bail has been revoked weeks after a $430,500 bail was agreed upon, meaning that the Terraform Labs CEO is headed back to jail. The Montenegrin High Court made the decision to refuse bail following a decision from the lower court to release Kwon and his cohort Han Chang-Joon, with the High Court clearly concerned about the pair being flight risks.

Kwon Arrested Trying to Flee to Dubai

Kwon was caught trying to leave Montenegro for Dubai in March using a Costa Rican passport and allegedly had a fake Belgian passport in his luggage, having spent months in Montenegro’s neighbouring country of Serbia. He and Chang-Joon are believed to have fled Singapore for Serbia via Dubai last year following the collapse of the Terra ecosystem and the issuing of a South Korean arrest warrant. 

If found guilty he would spend years in prison in the country before an extradition battle between the US and South Korea will begin. Kwon has been charged with various financial crimes by authorities in both countries, but Kwon may be deported back to Korea before the US can get a chance to grab him once he completes any jail sentence.

Kwon Considered Flight Risk?

The pair won approval from the Basic Court in Podgorica to be released on €400,000 euro ($430,500) bail, but prosecutors appealed the ruling, which sent the case to High Court, which has rejected bail, ensuring that Kwon and Chang-Joon will remain in custody while they prepare their defenses.