Do Kwon arrested in Podgorica

Do Kwon arrested in Podgorica

Do Kwon arrested in Podgorica

The head of the Ministry of Internal Affairs of Montenegro, Filip Adzic, said that the head of Terraform Labs, Do Kwon, had been arrested at Podgorica airport. He is also the creator of TerraUSD stabelcoin and the cryptocurrency Luna. Interpol is looking for him for fraud, while Montenegrin police have detained him on forgery charges.

With a fake Costa Rican passport, Do Kwon and Hong Chand Yoon tried to fly on a private plane from Podgorica to Dubai. They were detained during a document check. This morning the prosecutor’s office arrested these characters for using forged documents.

Kwon is accused of fraud that has caused investors around the world to lose more than $40 billion.

Kwon Do-Hyung (Korean: 권도형), more commonly known as Do Kwon, is the South Korean co-founder and CEO of Singapore-based Terraform Labs, the parent company of crashed stablecoin TerraUSD and cryptocurrency Luna. TerraUSD and Luna collapsed in May 2022, wiping out almost $45 billion market capitalization in one week and causing hundreds of billions in losses in the larger crypto market. Kwon faces legal and social pressure regarding his role in the Terra crash. Citizens from various jurisdictions — including South Korea, Singapore, and the United States — are taking legal action against Kwon.

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