Montenegro’s Excessive Courtroom has overturned a decrease court docket’s earlier ruling that will have bailed Terraform Labs founder Do Quon. Bloomberg first reported the information.

Kwon will stay in custody till Montenegro’s Primary Courtroom makes a brand new choice in mild of the newest Excessive Courtroom ruling, Bloomberg reported, citing a court docket spokesperson.

The Excessive Courtroom’s ruling comes nearly two weeks after the Montenegrin Primary Courtroom agreed to bail the detained Mr. Kwon and his former colleague Han Chang-jun.

At his first trial earlier this month, Kwon pleaded not responsible to prices of forging passports and journey paperwork. Kwon and Han’s legal professionals have requested a Montenegrin court docket to submit bail of 400,000 euros (about $437,000) for every of them and instructed they be positioned underneath police supervision at dwelling.

The 2 had been arrested in March on the Montenegro capital Podgorica airport en path to Dubai.

A 12 months in the past, Terraform’s stablecoin TerraUSD (UST), an algorithmic stablecoin pegged to sister coin Luna, misplaced its $1 peg, blowing practically $40 billion in market cap and bankrupting many cryptocurrency corporations. .

Authorities in the USA and South Korea at the moment are searching for Kwon’s extradition to face prices. If Kwon is convicted of doc forgery in Montenegro, he could should serve a jail sentence earlier than being extradited to the USA or South Korea. The subsequent public listening to is scheduled for June.