In the past weeks, Terraform Labs co-founder Do Kwon has appeared before a judge in Montenegro, where he was arrested, and requested bail.
The court accepted Do Kwon's lawyers' bail request, but Montenegrin prosecutors objected to this decision, stating that Do Kwon still had a chance to escape.
According to Bloomberg, Montenegro's Court of Appeals reversed a lower court's decision to release Do Kwon on bail.
Court spokeswoman Marija Rakovic told Bloomberg that the appeals court in Montenegro's capital Podgorica overturned the lower court's decision to release her on bail.
“The lower court must now make another decision regarding Do Kwon and Han Chong-joon, taking into account the decision of the Court of Appeal.”
After this decision, Terra (LUNA) co-founder Do Kwon will remain in prison.
The appeal court's decision also applies to Han Chong-joon, a former finance manager at Terra.
As it will be remembered, at the beginning of May, lawyers of Do Kwon and Han Chong-joon asked the court to be released on bail of 400,000 euros ($430,500), and the court accepted this request.
However, the prosecutor's office appealed against this decision.
