Thursday, April 25, 2024
Home > Analysis > High Court Denies Bail for Do Kwon Due to Lack of Concrete Evidence

High Court Denies Bail for Do Kwon Due to Lack of Concrete Evidence

Kwon is currently expected to show up in court on June 16.

The value of Kwon’s property was based on a statement alone, lacking concrete evidence. As a result, the high court has ruled against his bail. The requests to bail out Do Kwon, co-founder of the defunct Terra Labs, were rejected due to insufficient document verification. After a lower court reviewed the documents, a bail motion was made but was ultimately rejected by the high court due to improper property valuation. As a result, Do Kwon will remain in custody for a longer period.

Do Kwon Arrested in Montenegro after Trying to Evade Capture

It is important to remember that Do Kwon was accused of playing a significant role in the collapse of Terraform Labs’ Luna ecosystem. He was suspected of engaging in fraudulent activities involving stablecoin and other cryptocurrencies, resulting in billions of dollars in losses. Since the crash of Terraform Labs in May last year, the co-founder has tried to evade capture in many different ways.

Reportedly, he sought refuge in Singapore after South Korea issued an arrest warrant for violating the Capital Markets Act. By December 2022, rumors circulated that he was in Serbia, which was later confirmed by Korean investigative authorities. This led to international cooperation between South Korea and Serbia as they jointly worked towards locating him. Ultimately, Montenegro police arrested him in March 2023. Do Kwon’s arrest, which occurred in Montenegro, marked the end of an extensive search.

High Court Stresses Need for Concrete Evidences, Denies Do Kwon’s Bail

He was charged with falsifying his documents using fake official documents. Even though the bail request from Do Kwon’s attorney was accepted by a basic court in Montenegro, it was later rejected by a high court in the same nation. The high court’s decision to reject the bail request was made in large part due to the absence of verifiable documentation of the defendant’s financial situation. The high court emphasized that rather than relying solely on statements in the case file that was presented, property assessments should be supported by strong evidence.

Reports have it that the basic court verified the high court’s decision and also made it known that it had received the payment of $428,000 from Kwon as per their agreement. The Court stated that:

“In the renewed proceedings, the court will proceed according to the High Court’s grounds for termination and after that make a decision based on the proposal of the defense counsel for the defendants to accept bail.”

Kwon is currently expected to show up in court on June 16. Additionally, the US and South Korea have asked that Kwon be returned to their respective nations so that he can be held accountable for Terraform Labs’ collapse in May 2022. Their dedication to ensuring accountability in this prominent case is reflected in this request.

Altcoin News, Blockchain News, Cryptocurrency news, News