Breaking: Do Kwon’s $437K Bail In Question As Prosecutors Fight Back
Crypto News: According to recent reports, the local prosecution team has contested the bail approval of controversial crypto entrepreneur Do Kwon and his subordinate Han Chang-Joon in the basic court of Montenegro. This comes after Kwon’s legal team secured court approval on May 12 to release the defendants on bail which accounted for nearly 400K Euros (437K USD).
Kwon’s Bail In Hot Waters
A little over a week later, on May 17, the State Prosecutor’s Office in Podgorica filed an appeal against the court judgment. As a result, the case files have been brought before the High Court in Podgorica for reaching a conclusive decision on the matter.
Read More: ApeCoin Eyes Price Hike As DAO Approves Key Community Proposal
During the court hearing of Kwon’s bail acceptance, Haris Sabotic — a representative of the prosecution — objected to the aforementioned proposal, claiming that the defendants had no interest in staying in Montenegro as they were initially planning to flee to a foreign country. Sabotic, further added that there were no conditions set for determining surveillance measures in order to monitor their activities.
Kwon’s Growing Challenges
Kwon and his fellow co-founder have been accused of forgery by Montenegrin authorities; a conviction that could result in a 5-year prison sentence. As reported earlier on CoinGape, the accused have pled “not guilty” to the forgery accusations, and they are currently being held under house arrest while awaiting trial.
Both South Korea and the United States are currently seeking Kwon’s extradition, however, Montenegrin representatives have remained dead-set on holding the crypto mogul back until all local criminal proceedings are settled.
According to the official statement released today, the public and the media will be notified about the outcome of the second-instance proceedings through a press release on the website of the Basic Court in Podgorica.
Also Read: U.S. Initial Jobless Claims Drop To 242K; Crypto Market Tanks
- Expert Flags Pi Network Team as Source of Selling Pressure After Reported 1.2M PI Dump
- Ripple’s Chris Larsen Expands XRP Realized Profit to $764M Amid Evernorth Deal
- Just In: Hyperliquid Strategies Eyes $1B Capital Raise, Plans HYPE Token Accumulation
- Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
