Montenegro court scraps bail for crypto entrepreneur Do Kwon

FILE PHOTO: Do Kwon, the cryptocurrency entrepreneur, who created the failed Terra (UST) stablecoin, is taken to court in handcuffs, to face charges of forging official documents, in Podgorica, Montenegro, March 24, 2023. REUTERS/Stevo Vasiljevic

SARAJEVO (Reuters) - 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.