- Do Kwon, the founder of Terraform Labs, has been arrested in Montenegro according to reports.
- Do Kwon is wanted by three different countries and is accused of being behind the loss of $40 billion, the estimated value of the altcoin Terra (LUNA).
The crypto community has been rocked by the news that Do Kwon, the founder of Terraform Labs, has been arrested in Montenegro. Do Kwon has not only been endlessly critiqued by the entire cryptocurrency community but is also wanted by three different countries for fraud. The founder of Terraform Labs has been accused of being behind the loss of $40 billion, which was the estimated value of the altcoin Terra (LUNA).
The arrest was initially unclear, but Montenegrin Minister of the Interior, Filip Adzic, took to Twitter to confirm the arrest of Do Kwon. Adzic noted that Do Kwon is “one of the world’s most wanted fugitives” and that South Korea, Singapore, and the United States are all demanding him. In his tweet, Adzic said:
ONE OF THE WORLD’S MOST WANTED FUGITIVES WAS ARRESTED IN PODGORICA. Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder and CEO of Singapore-based Terraform Labs.
The former “cryptocurrency king” was detained at the Podgorica airport with falsified documents, and South Korea, Singapore, and the United States are all demanding his extradition. Adzic said that the country is currently awaiting official confirmation of Do Kwon’s identity.
It is worth noting that Kwon is not the only one wanted by South Korean authorities. Five others who are said to have been involved with Terraform are also wanted for fraud. The red notice for Kwon was issued by South Korea through Interpol in September 2022, which was shared among all Interpol member nations to search for and arrest Kwon.
Do Kwon was once a prominent figure in the crypto industry, and his arrest has sent shockwaves throughout the community. The Terraform Labs CEO’s downfall began with the loss of $40 billion in value of the altcoin Terra (LUNA). The former LUNA investor has been endlessly criticized by the entire cryptocurrency community since then.
Do Kwon’s recent arrest in Montenegro serves as a reminder that actions have consequences and that the crypto industry needs to continue to work towards creating a more transparent and trustworthy ecosystem. As the crypto industry continues to evolve, it is crucial to stay abreast of the latest developments and activities to make informed investment decisions based on available data.
In conclusion, Do Kwon’s arrest is yet another example of the regulatory crackdown on fraudulent activities in the crypto industry. The arrest of one of the most wanted fugitives in the world highlights the need for the industry to continue to work toward transparency, accountability, and trustworthiness. The arrest also serves as a reminder that no one is above the law, and fraudulent activities will not go unpunished.