Authorities in Montenegro have arrested an individual believed to be South Korean fugitive Do Kwon, the crypto entrepreneur behind the $40bn implosion of the terraUSD and luna digital tokens last year. In a statement on Twitter, Montenegro’s interior minister Filip Adzic said “the former cryptocurrency king” was detained by police at Podgorica Airport with falsified documents. The collapse of terraUSD coin last year unleashed an unprecedented crash in crypto markets which engulfed many of the industry’s leading players. Kwon, co-founder of Terraform Labs, was charged with fraud and breaches of capital markets law in his home country and sparked an international manhunt after authorities were unable to locate him. South Korean authorities said last year that he had travelled to an unknown country, believed to be Serbia, via Dubai after leaving Singapore, where Terraform was headquartered. His South Korean passport was also revoked. “We are waiting for official confirmation of identity,” Adzic added. The meltdown of terraUSD and luna coins affected hundreds of thousands of investors, many of whom were drawn in by a scheme in which clients could lend their terra coins for a yield of up to 20 per cent. Kwon has been missing since September 2022, but claimed on Twitter that he was not “on the run.”
Full story : Terraform Labs Chief Do Kwon Arrested by Police in Montenegro.
