Do Kwon, the founder of the failed crypto network Terraform Labs, was arrested on Thursday, Mar. 23, after months of evading authorities and regulators.
Kwon arrested, identity confirmed
The troubled Terra founder is responsible for over $40b in losses after the crash of two crypto assets, LUNA (now Luna Classic) and TerraUSD algorithmic stablecoin, UST.
The news about Do Kwon’s alleged arrest dawned on Mar. 24 after reports emerged that a man thought to be the Terra founder had been apprehended in Montenegro. The man was seemingly leaving the country, heading to Dubai with fake documentation.
Announcing the report on Twitter, Interior Minister Filip Adzic said;
“Montenegrin police arrested an individual believed to be one of the most wanted fugitives, South Korean citizen Do Kwon.”
Kwon has been on the run since last year when South Korea issued a warrant for his arrest. Reports suggest that South Korea asked Interpol to give a red notice concerning Do Kwon.
After yesterday’s arrest, Interpol confirmed that the man was indeed Do Kwon. According to reports, the identity of the alleged Do Kwon was confirmed via a fingerprint match.
Kwon and Hang Chang, Terraform CFO, were hiding in Serbia, before moving to Montenegro, after being tracked by authorities.
For months, authorities claimed that Do Kwon was on the run owing to the allegations he was facing. Kwon disapproved of the comments noting that he was not on the run. However, he chose not to disclose his location for personal security.
Presented in court
Images of him in handcuffs have been circulating recently as he and his accomplice Han Chang were leaving Montenegrin court.
This indicates that Kwon and Chang were presented in court earlier today.
Federal prosecutors in New York announced charges against the troubled former crypto key online influencer (KOL).
Kwon has been charged with several fraud-related charges, including conspiracy to defraud, market manipulation, two counts of wire fraud, commodities fraud, and securities fraud.
