June 6, 2023

Former crypto CEO Do Kwon reported arrested in Montenegro says country’s Minister of Interior


Do Kwon, the former CEO of Terraform Labs, which issued a crashed stablecoin, has allegedly been arrested in Montenegro, according to the country’s Minister of Interior, Filip Adzec, who tweeted about it on Thursday morning.

“The former “cryptocurrency king”, who is behind losses of more than 40 billion dollars, was detained at the Podgorica airport with falsified documents, and the same is claimed by South Korea, the USA and Singapore,” he said in a Tweet. “We are waiting for official confirmation of identity.”

Adzec added in another Tweet that “one of the world’s most wanted fugitives was arrested in Podgorica,” saying that Montenegrin police have “detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon.”

In February, the U.S. Securities and Exchange Commission accused Singapore-based Terraform Labs and CEO Do Kwon, of fraud. The statement from the SEC had alleged that Terraform and Kwon misled and deceived investors while marketing LUNA token, a cryptocurrency that crashed in May of 2022.

Since the announcement was first made by Adzec on Twitter, a Montenegro-based news outlet Vijesti has confirmed that the Twitter account that made the announcement is from the minister of the interior of Montenegro and that the individual arrested was a South Korean national, CoinTelegraph reported.

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