Crypto fugitive Do Kwon in Montenegro

Podgorica, Montenegro –

Montenegro police have arrested Terraform Labs founder Do Kwon, who is wanted in South Korea in connection with the $40 billion crash of the company’s cryptocurrency, which has devastated private investors worldwide, Europe the country’s interior minister said on Thursday.

“Montenegro police have arrested Do Kwon, a South Korean citizen believed to be one of the most wanted criminals,” Interior Minister Filip Adzic said on Twitter.

Montenegrin authorities were awaiting official confirmation of the identity of the man arrested on false documents at the airport in the capital Podgorica, but they believe it was Kwon, Addžić added.

In September, South Korea asked the International Criminal Police Organization (INTERPOL) to circulate a “red notice” to the agency’s 195 member states to find and arrest the 31-year-old man.

Five others associated with Kwon and Terraform are wanted due to fraud and financial crime allegations related to the May 2022 digital currency collapse.

TerraUSD is designed as a “stablecoin”, pegged to a stable asset like the US dollar to prevent sudden price fluctuations. But after the stablecoin fell well below the $1 peg in May, it erased about $40 billion in market value for holders of TerraUSD and its floating sister currency Luna.

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