• Kwon’s legal team successfully petitioned the court for bail on May 12.
• The relevant paperwork has been submitted to the Podgorica High Court.

The bail clearance of prominent crypto entrepreneur Do Kwon and his colleague Han Chang-Joon has reportedly been challenged. This has been done at the basic court of Montenegro by the local prosecution team. Kwon’s legal team successfully petitioned the court for bail in the amount of almost 400k Euros (437k USD) on May 12.

The State Prosecutor’s Office in Podgorica appealed the court’s decision a week later, on May 17. As a consequence, the relevant paperwork has been submitted to the Podgorica High Court. So that a final ruling may be made.

Prosecution attorney Haris Sabotic argued against Kwon’s release at the bail hearing. Saying that the defendants had no intention of remaining in Montenegro and were instead plotting their escape. Sabotic continued by saying that no parameters were established for defining monitoring procedures to track their actions.

Kwon and his co-founder are facing forgery charges in Montenegro. Which if proven could land them in jail for up to five years. The accused have pleaded “not guilty” to the forgery allegations. And are presently under house arrest until trial, as was previously reported.

Despite requests for his extradition from both South Korea and the United States, Montenegrin officials have steadfastly refused to release the crypto tycoon until all pending criminal processes in their country have been resolved.

According to the official announcement, the Basic Court in Podgorica will post a news release on its website informing the public and media of the conclusion of the second-instance proceedings.