Co-founder of Terra (LUNA) blockchain, Do Kwon, has been denied bail after initially being approved for release on a bail of €400,000. A high court in Montenegro’s capital overturned the lower court decision to release Kwon. The ruling also applies to Kwon’s former chief financial officer Han Chong-Joon, both of whom have pleaded not guilty to document forgery charges after allegedly traveling to Montenegro on a forged passport. The Securities and Exchange Commission has already charged the founder with fraud surrounding Terra’s UST and LUNA tokens and later accused him of cashing out 10,000 Bitcoin (BTC) with a Swiss bank. Terra’s collapse in May 2022 kickstarted a wave of insolvencies throughout the crypto industry stretching until the year’s end, turning Kwon into one of the industry’s most hated personalities. The founder remains in jail, and there is no legal limit to how many motions can follow between the respective judges in deciding on bail for the two South Korean nationals.