A person suspected to be crypto developer Do Kwon arrested in Montenegro months after the collapse of TerraUSD
Jonathan Ernst/Reuters
- A person suspected of being Do Kwon, creator of the now-collapsed TerraUSD stablecoin, has been arrested in Montenegro, a country official said Thursday.
- The country's interior minister said the suspect was arrested at the airport with falsified documents.
- Authorities in the US and South Korea have charged Kwon for legal violations.
A person suspected of being Do Kwon, the creator of the TerraUSD stablecoin which imploded in early 2022, has been arrested in Montenegro, a country official said Thursday.
Authorities have been looking for months for Kwon since the failure of his Singapore-based Terraform Labs ecosystem and the collapse of the TerraUSD stablecoin wreaked havoc in the crypto market. The fall of Terra and its affiliated crypto Luna sparked a brutal downturn for crypto assets, and took down players including digital asset hedge fund Three Arrows Capital.
Police in Montenegro detained a person suspected to be Do Kwon at the Podgorica airport, Montenegro Interior Minister Filip Adzic said on Twitter.
The suspect was caught with falsified documents, he wrote.
The US Securities and Exchange Commission charged Kwon and Terraform Labs with alleged fraud in February. South Korea, where Kwon is from, issued an arrest warrant for Kwon in September for for alleged capital markets law violations.