Crypto firm founder Do Kwon arrested in Montenegro

PODGORICA, Montenegro –

Police in Montenegro have arrested Terraform Labs founder Do Kwon, who is needed in South Korea in reference to a US$40 billion crash of the agency’s cryptocurrency that devastated retail traders world wide, the European nation’s inside minister stated Thursday.

“Montenegrin police arrested an individual who is believed to be one of the most wanted fugitives, South Korean citizen Do Kwon,” Interior Minister Filip Adzic stated on Twitter.

Montenegrin authorities have been awaiting official affirmation of the id of a person who was arrested on the airport within the capital, Podgorica, with false paperwork, however they imagine it is Kwon, Adzic added.

South Korea requested Interpol in September to flow into a “red notice” for the 31-year-old throughout the company’s 195 member nations to seek out and apprehend him.

Kwon and 5 others linked to Terraform are wished due to allegations of fraud and monetary crimes in relation to the implosion of its digital currencies in May 2022.

TerraUSD was designed as a “stablecoin,” that are pegged to secure belongings just like the U.S. greenback to stop drastic fluctuations in costs. However, round US$40 billion in market worth was erased for the holders of TerraUSD and its floating sister forex, Luna, after the stablecoin plunged far under its $1 peg in May.