Do Kwon – co-founder of the collapsed Terra (LUNA) blockchain – has been denied bail after receiving initial approval to be released for roughly $430,500. 

On Wednesday, a court spokesperson told Bloomberg that a high court in Monetegro’s capital overturned a lower court decision to release Kwon on €400,000. The founder remains in jail. 
Prosecutors were quick to appeal the lower court decision earlier this month, which left things to the higher court to decide. 

“The Basic court should now make another decision, taking into account what the High Court ruled,” said Marija Rakovic, the court spokeswoman. “There is no legal limit to how many motions can follow between the respective judges in deciding on bail for the two South Korean nationals.” 

The ruling also applies to Kwon’s former chief financial officer Han Chong-Joon, both of whom have pleaded not guilty to document forgery charges after allegedly traveling to Montenegro on a forged passport.
Kwon was arrested in Montenegro in March, after which he was demanded by the United States, South Korea, and Singapore. 
The Securities and Exchange Commission has already charged the founder with fraud surrounding Terra’s UST and LUNA tokens and later accused him of cashing out 10,000 Bitcoin (BTC) with a Swiss bank. 
Terra’s collapse in May 2022 kickstarted a wave of insolvencies throughout the crypto industry stretching until the year’s end, turning Kwon into of the industry’s most hated personalities. 

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