It was reported that crypto-fugitive Do Kwon was arrested in Montenegro

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Do Kwon, the former CEO and co-founder of cryptocurrency firm Terraform Labs, has reportedly been arrested by authorities in Montenegro after months on the run.

The news broke after a statement published by the Minister of the Interior of Montenegro, Filip Adzic, on his Twitter account.

“One of the world’s most wanted rampages was caught in Podgorica,” chirp(Opens in a new tab) Adzic in all matches on Thursday. “Montenegro police have arrested a suspected most wanted fugitive, South Korean citizen Do Kwon, co-founder and CEO of Terraform Labs in Singapore.”

“The former cryptocurrency king, who was behind more than $40 billion in losses, was arrested at Podgorica airport with fake documents, and South Korea, the United States and Singapore claim the same.” I continued(Opens in a new tab). “We are awaiting official confirmation of identity,” he added.

All things fell apart for Do Kwon back in May last year after the cryptocurrencies his company created — stablecoin Terra and its token Luna — to fail. At the time, Terra was one of the largest stablecoins in the cryptocurrency ecosystem. Its failure created a domino effect that hurt the entire crypto market. Do Kwon tried to revive his failing crypto empire, but that turned out to be the case Unsuccessful.

Subsequent investigations into Do Kwon and his operation eventually led to South Korean prosecutors charging Do Kwon and other associates. violates capital market laws. An arrest warrant was issued in September, however, the cryptocurrency CEO has yet to be located. Later that month, Interpol issued A “red notice” officially classifies Do Kwon as an international fugitive wanted by law enforcement around the world.

Reaching out on social media, Do Kwon insisted he was not a fugitive even though South Korean prosecutors claimed he was. He was mentioned At the time Do Kwon was allegedly hiding in Serbia, a country that does not have an extradition treaty with South Korea.

In addition to the accusations from South Korean prosecutors, the US Securities and Exchange Commission (SEC) also Accused(Opens in a new tab) Do Kwon last month, alleging that he defrauded investors with crypto schemes.



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