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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.

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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.

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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.