PODGORICA, ME – On Wednesday, the Montenegro High Court revoked the decision made by a lower court to release disgraced Terraform Labs founder Do Kwon and Terra executive Han Chang-joon on bail. Both men face forgery charges in Montenegro related to an alleged attempt to travel with falsified documents. 

Earlier this month, Attorneys for Kwon and Chang-joon submitted a proposal to the Basic Court in Montegro’s capital, Podgorica, to post a $437,000 bond in exchange for a supervised release to their residence in Montenegro. 

However, the prosecution swiftly appealed against the decision on the grounds that the pair were a flight risk if released from custody. The Podgorica High Court agreed with the prosecutors and overturned the lower court’s decision. Following the high court’s decision, the lower court will reassess the situation and consider the High Court's verdict.