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Crime and Investigations

Do Kwon Arrested by Montenegro Authorities

Do Kwon 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.

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.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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