Crypto Fugitive Do Kwon Reportedly Arrested in Montenegro – Indigo Buzz

The founder of Terra and Luna had been on the loose for months.

Do Kwon, the former CEO and co-founder of cryptocurrency firm Terraform Labs, has reportedly fallen victim to authorities in Montenegro after months on the run.

The news came following a statement posted by Montenegro’s Interior Minister, Filip Adzic, on his Twitter account.

“ONE OF THE WORLD’S MOST WANTED FUGITIVES HAS BEEN ARRESTED IN PODGORICA”, tweeted(Open in a new tab) Adzic in caps Thursday. “Montenegrin Police have arrested a suspected most wanted fugitive, South Korean citizen Do Kwon, co-founder and CEO of Singapore-based Terraform Labs. »

The tweet may have been deleted
(opens in a new tab)
(Open in a new tab)

“The former ‘cryptocurrency king’, who is behind losses of more than $40 billion, was detained at Podgorica airport with falsified documents, and the same is claimed by South Korea, the United States and Singapore,” he said. a continue(Open in a new tab). “We are awaiting official confirmation of the identity. »

It all came crashing down for Do Kwon in May last year after the cryptocurrencies his company had created – stablecoin Terra and its sister token Luna – failed. At the time, Terra was one of the largest stablecoins in the cryptocurrency ecosystem. Its failure created a domino effect that overwhelmed the entire crypto market. Do Kwon tried to resurrect his failing crypto empire, but it turned out to be unsuccessful.

Subsequent investigations into Do Kwon and his operation ultimately resulted in South Korean prosecutors charging Do Kwon and other associates with rapist capital market laws. A warrant has been issued for his arrest in September, however, the cryptocurrency CEO could not be located. Later that month, Interpol published a “Red Notice”, definitively categorizing Do Kwon as an international fugitive, wanted by law enforcement around the world.

Communicating via social media, Do Kwon insisted he was not on the run, even though South Korean prosecutors have proven it. It was reported when Do Kwon allegedly hid in Serbia, a country that does not have an extradition treaty with South Korea.

In addition to the charges brought by South Korean prosecutors, the United States Securities and Exchange Commission (SEC) has also to accuse(Open in a new tab) Do Kwon last month, alleging he defrauded investors with crypto schemes.