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Terraform Labs Co-Founder Do Kwon's Bail Revoked in Montenegro

Terraform Labs co-founder Do Kwon and former CFO Han Chong-joon had their bail revoked by the high court of Montenegro in Podgorica, overturning a previous decision to release them on €400,000 bail each. The court had previously ordered the men to be placed under house arrest while awaiting trial.

Kwon and Chong-joon have been charged with forging official documents after attempting to fly to Dubai from Podgorica in March with allegedly fake passports. Kwon also faces criminal charges in the US and South Korea, and the collapse of Terraform Lab's ecosystem in May 2022 had a ripple effect on other crypto firms.

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