According to recent reports, Do Kwon, the fugitive creator of the Terra/Luna stablecoin network whose breakdown was the catalyst for last year’s sell-off in cryptocurrencies, has been taken into custody in the state of Montenegro in the Balkan region. On Thursday, the Minister of the Interior of Montenegro, Filip Adzic, tweeted that Montenegrin police had detained Kwon at the Podgorica airport. According to the tweet, Kwon was attempting to depart the country on falsified credentials at the time of his detention.
Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder and CEO of Singapore-based Terraform Labs.Filip Adzic tweeted
Kwon, who is originally from South Korea, has been on the run ever since Interpol issued an international arrest warrant for him in September. The warrant was released at the request of authorities in South Korea, Kwon’s home country. Authorities in Singapore, where he had been running the organization that was behind the Terra/Luna stablecoin, stated that he was no longer on the island state at this time. Several reports that circulated on the internet indicated that he had been hiding out in Serbia, which is not a country that has a deportation treaty with South Korea.
According to a report by the Yonhap news agency, the Korean National Police Agency stated that it had established that the culprit appeared to be Kwon based on verifying the age, name, and nationality of his ID card. This was stated in response to a question regarding whether or not the suspect was Kwon.
In September, a South Korean judge issued an arrest warrant for Kwon after investors in the nation accused him of deception in the aftermath of the failure of his company. The allegations came as a result of the breakdown of Kwon’s business. Kwon is facing charges of deception as well as violations of the law governing South Korea’s financial markets. In October, he stated that he did not believe the accusations were true and that they were “politically motivated.”
The cryptocurrency software developer has stated numerous times on Twitter that he is not “on the run,” but he has declined to reveal his current location due to concerns regarding his own personal safety. The decline of TerraUSD and Luna, two currencies that were connected to one another, was the catalyst for the so-called “crypto winter.” The cryptocurrency industry was struggling to rebound from the effects of the “crypto winter” even after suffering another significant setback in the form of the closure of the cryptocurrency exchange FTX in November.