Fugitive and Terra Cryptocurrency Founder Do Kwon Arrested for Fraud
Do Kwon was arrested in Montenegro on March 23, 2023. The founder of cryptocurrency Terra, whose impressive crash in 2022 increased tens of billions of dollars in losses, was wanted by Interpol.
He had been wanted by Interpol for just over 6 months: Do Kwon, the founder of the crypto ecosystem Terra, was arrested on Thursday March 23, 2023. The Korean was intercepted in Montenegro, at the airport of the capital, according to Filip Adzic, the country’s interior minister, who shared the news on Twitter.
” One of the world’s most wanted fugitives arrested in Podgorica “, he says in his message. ” Montenegrin police have arrested a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon […]. The former ‘cryptocurrency king’, who is behind losses of more than $40 billion, was detained at Podgorica airport with falsified documents. »
One of the biggest crashes in crypto history
” The Former King of Cryptocurrency “, as Filip Adzic calls him, had been wanted for months by the Korean authorities and by Interpol, which had put him under a red notice. He is suspected of having organized a fraud and of having committed several tax offenses in South Korea. He has also been charged in the United States, where he is accused of having ” misled investors about many aspects of the Terra Blockchain, including the technology used and the extent of its user adoption », according to The Huffington Post.
The blockchain in question, Terra, indeed suffered a crash of impressive magnitude in 2022. The stablecoin Terra, which was pegged to the dollar, suddenly lost its value due to a phenomenon of bank rush, dragging down the entire ecosystem that had been built around it, including its sister cryptocurrency, Luna. In a few days, the equivalent of 50 billion dollars disappeared, and despite Do Kwon’s attempts to relaunch this project, the tests remained unsuccessful.
, the founder was wanted by the authorities of South Korea, but had not been found: Singapore, the city where he had taken up residence, had announced that he had left his country in September. Although Do Kwon had said on Twitter that he was “not not in cavalry », the fact of his arrest in Montenegro, with falsified papers, tends to show the contrary.
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