Montenegro Cancels Bail for Korean Crypto Fraudster

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.

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.