Do Kwon Allegedly Arrested by Montenegro Authorities
On Thursday, Montenegro's Interior Minister, Filip Adzic, announced that the founder of the failed cryptocurrency Terra, Do Kwon, had been arrested at Podgorica's airport.
Kwon was caught with fake identification papers and taken into custody, according to Adzic. “We are waiting for official confirmation of his identity,” he added.
U PODGORICI UHAPŠEN JEDAN OD NAJTRAŽENIJIH SVJETSKIH BJEGUNACA
Crnogrska policija lišila je slobode lice za koje se sumnja da je jedan od najtraženijih bjegunaca, južnokorejski državljanin Do Kwon, suosnivač i izvršni direktor Terraform Labs sa sjedištem u Singapuru.
— Filip Adzic (@filip_adzic) March 23, 2023
Last year, a South Korean court issued an arrest warrant for Kwon after investors accused him of fraud following his company’s collapse. Kwon has been charged with fraud and violations of South Korea’s capital markets law, but he claims the charges are politically motivated.
In September 2022, an Interpol red notice was issued for Kwon’s arrest, and regulatory authorities want him for his alleged role in the collapse of the $40 billion Terra Luna and Terra USD ecosystem in May of that year.
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According to blockchain analytics company Elliptic, investors in the two coins lost around $42 billion globally, with some losing their entire life savings.
On February 23, media reports revealed that Serbian and South Korean authorities attempted to locate Kwon in Serbia, where he had reportedly been hiding since December 2022. However, the Serbian authorities did not comment on the allegations.