Terraform Labs founder Scheme Kwon and the firm’s extinct CFO Han Chong-joon need to no longer released from custody, after prosecutors won an allure in opposition to the resolution made earlier this month.

Primarily based on a file from Bloomberg, citing a court spokesperson Marija Rakovic, the Montenegrin high court annulled the decrease court’s resolution on Wednesday to grant the two South Korean nationals bail.

“The Usual court might perchance well additionally fair peaceable now make one more resolution, taking into epic what the Excessive Court ruled,” Rakovic said. However, the topic can crawl backward and ahead between the two judges indefinitely, and not utilizing a good limit on what number of motions can note.

Kwon and Chong-joon are right now being tried on fraud charges for allegedly making an strive to bound with falsified documents. The pair were arrested in March in the nation’s capital Podgorica while making an strive to board a aircraft to Dubai with what prosecutors allege were forged Costa Rican and Belgian passports.

In a hearing earlier this month, Kwon pled no longer responsible to the fraud charges, telling the court that his Costa Rican passport changed into legitimate.

Kwon faces far extra excessive charges in the U.S. and South Korea in connection with an alleged counterfeit contrivance that wiped $40 billion from the Terra ecosystem. Both worldwide locations are in the approach of making an attempt for his extradition from Montenegro.

Final three hundred and sixty five days, South Korean prosecutors disclosed that Interpol had issued a pink peek for Kwon’s arrest after the nation requested aid in tracing the Terra founder’s whereabouts. Kwon himself refuted claims that he changed into “on the toddle” in a tweet, and later on in an episode of Unchained the place he dubbed reports of this nature “completely no longer correct.”

Update, Thursday, Could well also 25, 4:43 pm ET: This text changed into updated to display that the fraud charges are alleged.