Do Kwon's bail revoked by Montenegro court: Bloomberg

Quick Take

  • Terraform Labs co-founder Do Kwon remains in jail in Montenegro after his bail was revoked, per Bloomberg.
  • A lower court had accepted a $436,000 bail agreement, which was reversed by a high court.

Terraform Labs co-founder Do Kwon’s bail was revoked in Montenegro, Bloomberg reported.

A high court in Montenegro annulled a lower court’s decision to allow Kwon to be released on bail. He was arrested in the country in March and remains in jail there.

A lower court had previously accepted Kwon’s $436,000 bail agreement, local news had reported earlier this month. Kwon was charged with using a fake passport in Montenegro, and the United States and South Korea have sought to extradite the Terraform Labs boss.


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TerraUSD, the stablecoin created by Terraform Labs, collapsed last spring, wiping out billions of dollars for investors. The incident was the first of a series of crises to hit crypto markets throughout 2022.

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Stephanie is a senior reporter covering policy and regulation. She is focused on legislation, regulatory agencies, lobbying and money in politics. Stephanie is based in Washington, D.C.


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