Terra Founder Do Kwon Trapped Behind Bars with No Escape

• In March, Do Kwon allegedly attempted to flee to Dubai to escape from jail.
• LUNC currently trades for $0.00008545.

The Montenegro High Court unexpectedly overturned an earlier ruling allowing contentious Terraform Labs co-founder Do Kwon to be released on bail. According to a court statement released on Thursday, Do Kwon’s request for bail was granted, but later it was rejected. 

In March, Terra’s founder, a South Korean, allegedly attempted to flee to Dubai to escape from jail. But got arrested by Montenegrin police at Podgorica airport. 

On May 24, the basic court in the country’s capital, Podgorica, accepted a bail proposal from Do Kwon’s attorneys. Also, the Basic Court of Podgorica confirmed in a statement the ruling of the high court that it had received the stipulated payment of 400,000 euros ($428,000) from Kwon on May 17. 

However, later on Thursday, the high court revoked the decision. As a result, the LUNA founder will continue to be detained while he is charged by Montenegro with counterfeiting official documents.

Contrarily, CoinMarketCap reports the current price of LUNC as $0.00008545, with a 24-hour trading volume of $20,956,365. Notably, LUNC has shown a 1.43% increase in value within the past 24 hours, as per the same source.