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Tuesday, May 30, 2023

Terraform Labs Co-Founder Do Kwon Arrested in Montenegro, Says Interior Minister

Terraform Labs Co-Founder Do Kwon Arrested in Montenegro, Says Interior Minister – As per the tweets shared by the interior minister of Montenegro, Filip Adzic, Do Kwon, the co-founder of Terraform Labs, has been apprehended in Montenegro. The incident reportedly occurred on Thursday, shortly before 9 a.m. Eastern Time.

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“In Podgorica, one of the most wanted world fugitives was arrested,” Adzic stated. “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 Terraform Labs based in Singapore,” the interior minister added.

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According to reports, Do Kwon, the CEO of Terraform Labs, who was sued by the U.S. Securities and Exchange Commission along with his firm, has been in hiding for some time. His whereabouts were uncertain, with some speculating that he was in Singapore or Dubai, while others claimed that he was in Serbia. The SEC has alleged that Kwon and Terraform Labs engaged in a fraudulent operation worth billions of dollars by selling unregistered securities.

“The former ‘king of cryptocurrencies’, who is behind losses greater than 40 billion dollars, was detained at Podgorica airport with forged documents and is sought by South Korea, the United States, and Singapore,” Adzic further explained on Twitter. “We are waiting for official confirmation of identity,” the Montenegrin politician added.

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The identity of the detained individual in Montenegro has not been officially confirmed by the Montenegrin government or its interior minister, Filip Adzic. As this is a developing story, any updates regarding the official confirmation of the person’s identity will be provided.


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