(Bloomberg) -- A Montenegrin court revoked a bail application from former crypto mogul and Terraform Labs co-founder Do Kwon, keeping him in jail.   

The High Court in Montenegro’s capital Podgorica overturned a lower court’s decision to release Kwon and his former chief financial officer Han Chong-joon on appeal from the prosecutors, spokeswoman for the court Marija Rakovic said by phone on Wednesday.

Earlier this month, the two South Korean nationals won approval from the Basic Court in Podgorica to be released on €400,000 ($430,500) bail each. The prosecution promptly appealed the ruling, which sent the case to the higher judge to decide.

“The Basic court should now make another decision, taking into account what the High Court ruled,” Rakovic said. There is no legal limit to how many motions can follow between the respective judges.  

The High Court found that it “could not establish value of their assets just based on their statements, but only through concrete evidence, which has not been submitted,” the lower-level Basic Court said by email on Thursday.  

The bail money was deposited last week, according to the Basic Court’s statement. It didn’t specify who made the payment. 

The men are expected to show at the next hearing, scheduled for June 16, to answer the local charges of trying to travel with forged travel documents.

--With assistance from Jan Bratanic.

(Updates with court comment, bail deposited, from fifth paragraph)

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