Do Kwon, the co-founder of the failed cryptocurrencies terra USD (UST) and luna (LUNA), was caught by the authorities in Montenegro, in southern Europe, while trying to enter the country with false documentation.

Thank you for reading this post, don’t forget to subscribe!

The Montenegrin police have arrested a person suspected of being one of the most wanted fugitives, the South Korean citizen Do Kwon, co-founder and CEO of Terraform Labs,” the Montenegrin foreign minister, Filip Adzic, announced through from your account on the social network Twitter.

Adzic reported that Kwon is being held at the airport in Podgorica, the capital of Montenegro, with the forged documents. So far no further details have been provided.

Kwon’s whereabouts were unknown after he left Singapore, where he was evading South Korean justice. A court in that country issued an arrest warrant against the computer scientist for violating the Asian country’s Market Law.

South Korea began its international search through a red notice from Interpol for various crimes, such as investor fraud and the creation of a Ponzi (pyramidal) scheme to launder money and evade taxes.

An Interpol red alert or notification refers to a request to locate a wanted person in one of the organization’s member countries, as well as their provisional detention. The ultimate goal is to request his extradition.

The United States also requests Do Kwon

South Korea was joined by the United States, a country that through its Securities and Exchange Commission (SEC) sued Do Kwon, for allegedly organizing a multi-million dollar fraud with cryptocurrencies.

To deepen the investigations of the case, investigative agencies from South Korea and the United States worked together to investigate issues of money laundering and fraud, with cryptocurrencies being one of their main targets.

Kwon was the architect of the algorithmic stablecoin terraUSD, which later lost its peg to the US dollar and caused its twin coin, LUNA, to lose much of its capitalization and plummet to USD zero, as reported by this outlet.

This triggered an unprecedented crisis for investors, which even ended up affecting the cryptocurrency market.

Kwon’s last known appearance was during an interview in August 2022, in which he denied making any profit from the cryptocurrency bankruptcy. “That’s probably the dumbest way to try to get personal gain,” he said at the time.

take from:

Leave a Reply


language »