Montenegro’s Minister of the Interior, Filip Adzic, announced via Twitter that a person suspected to be Do Kwon, co-founder of Terraform Labs, has been arrested in Podgorica airport, Montenegro on March 23.
Do Kwon was reportedly detained with forged documents and is still awaiting official confirmation of his identity.
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Filip Adzic, Montenegro’s Minister of the Interior, tweeted that a person suspected to be Do Kwon, a co-founder of Terraform Labs, was arrested on March 23 in Montenegro.
Adzic’s Twitter post reports that Montenegrin police have detained what is believed to be one of the most wanted criminals, Do Kwon. Vijesti, a local news source, has verified that the Twitter account, which released the news, belongs to the Minister of the Interior and that the arrested person is a citizen of South Korea.
According to the tweet, the former “crypto king,” responsible for losses exceeding $40 billion, was detained at Podgorica airport with forged documents. The officials are still awaiting official confirmation of his identity.
Do Kwon is currently wanted by South Korea, the United States, and Singapore.
In December 2022, South Korean prosecutors claimed that Do Kwon was hiding in Serbia, where there was no extradition treaty with South Korea. On September 26, 2022, Interpol released a red notice requesting the arrest of Kwon for his suspected involvement in the collapse of the Terra Luna (LUNC) and Terra USD (USTC) ecosystem. Last month, the SEC filed charges against Do Kwon, and the Department of Justice initiated its own inquiry into the collapse of TerraUSD.
The collapse of Terra in May 2022 was one of the largest cryptocurrency frauds in history, and a wave of bankruptcies followed in its wake. The most notable companies that had to shut down include BlockFi, Celcius, Three Arrows Capital, and Voyager Digital. However, Terra’s collapse was felt throughout the crypto industry and saw cryptocurrency prices plummet, causing a crypto winter. While now the industry is on the mend, Bitcoin still has a long way to go before it reaches its last peak price.
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