For report of Bankless, Terra (LUNA) co-founder Do Kwon was allegedly arrested in Podgorica, Montenegro. South Korean authorities and the International Criminal Police Organization (Interpol) are hunting Kwon for his alleged involvement in the collapse of the Terra ecosystem.
The Most Wanted Crypto Waterfall, Is Kwon Finally Arrested By The Police?
According to the report, Do Kwon was allegedly detained at the country’s airport. Crypto founders have falsified documents.
As Bitcoinist reported in February, South Korean authorities pursued Kwon from several countries in Asia and then Europe. Crypto founders are moving out of Singapore as the country’s authorities join the hunt.
A South Korean law enforcement delegation requested assistance from the Serbian government. These efforts eventually led to his arrest in neighboring Montenegro. Do Kwon lives in Serbia from December 2022.
As the news developed, Filip Adzic, the Minister of the Interior of Montenegro, confirmed the operation and the subsequent arrests. Through his official Twitter account, Adzic write:
Montenegrin police have arrested a suspect who is one of the most wanted fugitives, a South Korean named Do Kwon, founder and CEO of Singapore-based Terraform Labs. The former “king of cryptocurrencies”, who is responsible for more than $40 billion in losses, was detained at Podgorica airport with forged documents and is wanted by South Korea, the United States, and Singapore. We await official confirmation of the identity.
On several occasions, Kwon denied that he fled, denied the accusations against him, and his participation in a fraud scheme involving LUNA and the UST algorithm stablecoin.
In September 2022, Kwon stated via Twitter:
I am not “in the open” or anything similar – for any government agency that has shown interest in communication, we are in full cooperation and we have nothing to hide. We are in the process of defending ourselves in multiple jurisdictions – we have held our integrity very high, and look forward to clarifying the truth over the next few months.