Montenegro Cancels Bail for Korean Crypto Fraudster

      May 25, 2023 11:11

      Korean cryptocurrency fraudster Do Kwon is to remain behind bars while he awaits trial for traveling on a false passport after a court in Montenegro canceled his release on bail.
      According to Montenegrin daily La Poveda on Wednesday, a high court in the capital of Podgorica accepted an appeal by prosecutors and canceled Kwon's bail.
      Kwon and an associate surnamed Han were granted bail of 400,000 euros in a lower court last week. Kwon (32) told the court that he owns an apartment in Korea worth US$3 million and the court judged the money to be adequate protection against flight.
      Do Kwon (center) arrives at a district court in Podgorica, Montenegro on May 11. /Yonhap
      But prosecutors appealed, arguing that the amount was too small and Kwon had a prior record of escaping from the law.
      Kwon and Han were arrested at Podgorica Airport on March 23 while trying to board a flight to Dubai on forged Belgian and Costa Rican passports. Kwon earlier fled to Serbia after the collapse of his Terra USD stablecoin and Luna cryptocurrency wiped out some $300 billion in investors' money last year. He is wanted both in Korea and the U.S. for crypto fraud.
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