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Do Kwon is facing a charge of allegedly forging a passport after trying to fly from Montenegro to Dubai.
Kwon and former chief financial officer Han Chong-joon reportedly lived in Serbia before they were caught trying to leave neighboring Montenegro using false documents.
In a surprise move, Do Kwon's bail is no longer in force. It is a huge setback for Kwon and his former CFO, Han Chong-joon, who will remain in jail.
On Wednesday, a higher court in Montenegro revoked bail of 800,000 euros ($880,640) earlier given to Do Kwon.
Less than two weeks after being granted bail and released to house arrest, Bloomberg reports that Kwon is back in custody.
Prosecution appealed a previous decision by a lower court in the country to let the disgraced founder go free while he faced trial.
A Montenegrin high court in Podgorica has revoked Terraform Labs co-founder Do Kwon's bail. According to a May 24 Bloomberg report, a spokeswoman for the court Marija Rakovic said the court decision also affects the company's former CFO, Han Chong-Joon.
The Terraform Labs co-founder remains in a Montenegro jail.
In a surprise turn of events, the Montenegro High Court has reversed a previous decision permitting controversial Terraform Labs co-founder Do Kwon to be released on bail.
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.
Crypto News: According to recent reports, the bail approval of controversial crypto entrepreneur Do Kwon and his subordinate Han Chang-Joon has been scrapped by the Montenegro High Court. The decision comes after the local prosecution team contested the bail, alleging that the defendants had no intentions of staying in Montenegro as they were initially planning
Terra Classic core developer team Joint L1 Task Force (L1TF) announces plans to work on TerraClassicUSD (USTC) repeg to $1 after completing the CosmWasm v1.1.0 parity upgrade. The L1TF with work with the USTC repeg team to set up a USTC test environment to focus on building the infrastructure required to successfully repeg USTC to
Binance supported Terra Classic's latest network upgrade that took place on 23 May, after which LUNC's price increased by 1.2% in the last 24 hours.
South Korea's Ministry of Justice issued an opinion to the Ministry of Justice of Montenegro saying that Terraform Labs CEO Do Kwon should not be released on bail.
Terra Classic is set to undergo a network upgrade, which would alter the burn tax rate. The Terra Classic (LUNC) network upgrade is expected to take place at the Terra Classic block height of 12,902,400, or approximately on May 23 at 10:00 p.m.
By community decision, 0.5% of the native Terra Classic token will be sent to infernal regions.
Binance, one of the world's largest cryptocurrency exchanges, has recently announced its support for the upcoming network upgrades of Fetch.ai (FET) and Terra Classic (LUNA). This move aims to enhance the functionality and performance of these blockchain projects, providing users with improved features and capabilities.
The world's largest crypto exchange Binance on Tuesday said it will support the Terra Classic network upgrade to increase the LUNC burn tax from 0.2% to 0.5% as per Proposal 11515 passed by the community. This means Binance CEO Changpeng “CZ” Zhao agrees to raise the burn tax as LUNC price continues to dwindle with
LUNC Price Analysis: A down-slopping trendline (yellow) governs the ongoing downtrend in Terra Classic (LUNC) price. Starting from the peak value of $0.000211 on Feb 3rd, the coin's price dropped by a substantial 58.3% to reach the current price of $0.000087.
Although the LUNC community seemed elated about the update, there were notable downtrends on-chain.
Terra Classic developer group Joint L1 Task Force (L1TF) has announced the official date of the CosmWasm v1.1.0 parity upgrade. It is one of the biggest upgrades since the Terra Classic community took charge of the blockchain after the Terra-LUNA crisis in May last year.
Embattled Terra (LUNA) founder Do Kwon is reportedly having his bail conditions appealed by Montenegrin prosecutors.
After garnering the required votes, a major proposal has just passed in the KuCoin network. The proposal aimed at raising Terra Classic LUNC burns tax to 0.5%.
KuCoin is eager to burn $LUNC tokens in order to boost Terra Classic's revitalization.
