Per a report from Bankless, Terra (LUNA) co-founder Do Kwon was allegedly arrested within the area of Podgorica, Montenegro. South Korean authorities and the Worldwide Legal Police Group (Interpol) have been on the hunt for Kwon for his alleged involvement within the collapse of the Terra ecosystem.
Crypto’s Most Needed Falls, Do Kwon Lastly Below Police Custody?
In accordance with the report, Do Kwon was allegedly detained on the nation’s airport. The crypto founder had falsified paperwork.
As Bitcoinist reported in February, South Korean authorities chased Kwon from a number of nations in Asia after which Europe. The crypto founder moved from Singapore as authorities within the nation joined the manhunt.
The South Korean regulation enforcement delegation requested help from the Serbian authorities. These efforts lastly led to his alleged seize within the neighboring nation of Montenegro. Do Kwon lived in Serbia since December 2022.
Because the information developed, Filip Adzic, Minister of Inside Montenegro, confirmed the operation and subsequent seize. Through his official Twitter account, Adzic wrote:
Montenegrin police have arrested an individual suspected to be one of the vital needed fugitives, a South Korean citizen named Do Kwon, co-founder and CEO of Terraform Labs based mostly in Singapore. The previous “king of cryptocurrencies”, who’s answerable for losses of over $40 billion, was detained at Podgorica airport with faux paperwork and is sought by South Korea, the US, and Singapore. We’re ready for official affirmation of the id.
On a number of events, Kwon denied that he was on the run, denied the fees in opposition to him, and his participation in a fraudulent scheme involving LUNA and algorithmic stablecoin UST.
In September 2022, Kwon stated by way of Twitter:
I’m not “on the run” or something related – for any authorities company that has proven curiosity to speak, we’re in full cooperation and we don’t have something to cover. We’re within the technique of defending ourselves in a number of jurisdictions – we’ve held ourselves to a particularly excessive bar of integrity, and stay up for clarifying the reality over the subsequent few months.