Montenegro’s capital police detained Terraform Labs (TFL) co-founder and CEO Do Kwon. This was announced by the country’s interior minister, Filip Adzic.
In Podgorica, one of the world’s most wanted fugitives has been arrested.
Montenegrin police have detained the person suspected to be one of the most wanted fugitives, the South Korean national Do Kwon, co-founder and chief executive of Terraform Labs based in Singapore.
1/2— Filip Adzic (@filip_adzic) March 23, 2023
Officials described Do Kwon as “one of the most wanted fugitives.” According to Adzic, this “king of cryptocurrency” is linked to user losses exceeding $40 billion.
The CEO of Terraform Labs was detained at Podgorica Airport on forged documents at the request of law enforcement authorities of the United States, Singapore and South Korea.
In December 2022, media citing the prosecutor’s office reported that Kwon is hiding in Serbia. Later, representatives of the Ministry of Justice and the supervisory authority clarified that these statements ‘are not false’.
The head of TFL himself said that is not at large and is cooperating with law enforcement. In September, Bloomberg reported that Interpol issued a red notice for his arrest.
Earlier in March 2023, media reported that the FBI and officials of the Southern District of New York questioned former TFL team members as part of a US DOJ-led inquiry into the TerraUSD collapse.
Prior to that, the SEC filed civil charges against TFL and Do Kwon in the orchestration of multibillion-dollar securities fraud.