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Montenegro court scraps bail for crypto entrepreneur Do Kwon

A higher court in Montenegro on Wednesday scrapped bail of 800,000 euros ($880,640) previously granted to Do Kwon, a cryptocurrency entrepreneur charged in the U.S. with a multibillion-dollar fraud, and his ally pending a trial. Do Kwon, a South Korean national, is the former CEO of South Korea-based Terraform Labs, the company behind the stablecoin TerraUSD that collapsed in May 2022, roiling cryptocurrency markets. The higher court agreed with a prosecutor that a bail of 800,000 euro could not be taken as a solid guarantee, nor the duo's promise they would not run away once they are released from detention.

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