Police: Crypto Firm Founder Do Kwon Arrested in Montenegro
Police in Montenegro say they have arrested Terraform Labs founder Do Kwon, who is wanted in South Korea in connection with a $40 billion crash of the company’s cryptocurrency
PODGORICA, Montenegro — Police in Montenegro have arrested Terraform Labs founder Do Kwon, who is wanted in South Korea in connection with the company’s $40 billion cryptocurrency crash that has devastated retail investors around the world whole, the interior minister of the European country said on Thursday.
“The Montenegrin police have arrested an individual believed to be one of the most wanted fugitives, South Korean citizen Do Kwon,” Interior Minister Filip Adzic said on Twitter.
Montenegrin authorities were awaiting official confirmation of the identity of a man who was arrested at the airport in the capital, Podgorica, with false documents, but believe it was Kwon, Adzic added.
South Korea asked Interpol in September to circulate a “red notice” for the 31-year-old man in the agency’s 195 member countries to find and apprehend him.
Kwon and five others linked to Terraform are wanted over allegations of fraud and financial crimes related to the implosion of its digital currencies in May 2022.
TerraUSD was designed as a “stablecoin”, which is pegged to stable assets like the US dollar to avoid drastic price swings. However, around $40 billion in market value was wiped out for holders of TerraUSD and its floating sister currency, Luna, after the stablecoin plunged well below its $1 peg in May.
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