Do Kwon, Crypto Fugitive, Was Arrested In Montenegro

Do Kwon, who started the failed cryptocurrencies terraUSD and Luna, was arrested in Montenegro and charged with fraud by US authorities.

Interpol caught Kwon at the Podgorica airport on Thursday after he tried to get on a flight to Dubai with fake documents from Costa Rica.

Kwon was wanted in both South Korea and the US on multiple fraud charges for tricking investors. He has been indicted in the US on eight charges, including wire fraud, securities fraud, commodities fraud, and conspiracy.

Interior Minister Filip Adzic wrote on social media about the arrest:

“The former cryptocurrency king who is behind losses of over $40 billion, has been apprehended at the Podgorica airport with forged documents.”

Last year, officials in Seoul said that Kwon had fled from Singapore, where Terraform Labs was based, and was hiding out in Serbia.

In May 2022, the value of TerraUSD and Luna plummeted, and $40 billion was lost on the crypto market. It was thought that the stablecoin would be worth $1.

Kwon’s fall started the current crypto winter, and his arrest is the latest scandal to hit the industry since FTX went bankrupt.