Police in the neighboring nation of Montenegro have detained the co-founder and former CEO of the dismissed business Terraform Labs, according to the Minister of Interior of Montenegro. Do Kwon had been hiding in Serbia.
As it turns out, “the Montenegrin police have arrested a person believed to be one of the most-wanted fugitives.” This person is Do Kwon, a South Korean who lives in Singapore and is the co-founder and CEO of Terraform Labs. On March 23, the Montenegrin Minister of Interior, Filip Adzic, said this on his Twitter page.
As said by Adzic: “The former ‘cryptocurrency king,’ who is responsible for losses over $40 billion, was apprehended at the airport in Podgorica with forged documents, as South Korea, the United States, and Singapore want him.”
Specifically, the SEC claims that Do Kwon and Terraform Labs “orchestrated a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities,” leading to the demise of the Terra (LUNA) ecosystem.
Do Kwon claim to run Singapore in September after a court in Seoul issued an arrest order for him and asked Interpol to cancel his passport and issue a red alert against him? However, the founder of Terraform Labs said he was not on the run.
Later, in December 2022, it was reported that Do Kwon was hiding in Serbia. An official from the Korean investigative authorities stated, “recently obtained information that he was in Serbia was confirmed to be accurate.” This caused the ecosystem’s cryptocurrency, reimagined as Terra Classic (LUNC), to perform notably poorly.
Finbold stated at the beginning of February that South Korean authorities had come to Serbia to seek international assistance in locating Do Kwon and arrest him if they could not determine his exact whereabouts.
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