Terra Founder Do Kwon's Incarceration Extended By Montenegro Court

A court in Montenegro has extended the incarceration of former crypto fugitive Do Kwon and his associate Han Chang-Joon for an additional six months while they consider an extradition request from South Korean prosecutors.

The decision comes after a higher court in Podgorica allowed Kwon and Han to be released on 400,000 euros ($438,000) bail each, local outlet RFE reported.

The legal actions surrounding Kwon highlight the complex nature of his case, as he faces charges from South Korea and the U.S. related to defrauding investors in the $60-billion collapse of the Terra (CRYPTO: LUNA) blockchain ecosystem in May 2022.

Also Read: Will Bitcoin Devour All Other Cryptocurrencies? Michael Saylor Predicts Seismic Shift

Kwon's previous bail request was initially approved but later annulled by a higher court.

The current decision takes into account the assessment of the defendant's assets and their statements supported by concrete evidence.

The case also involves verifying the authenticity of the travel documents in their possession. If convicted, Kwon and Han could potentially face up to five years in prison.

Read Next: Hinman's Insights: How The Former SEC Director Shaped Crypto Regulatory Landscape

Photo via Shutterstock.