Montenegrin police have allegedly arrested a man believed to be cryptocurrency fugitive Do Kwon, reports revealed on Thursday.
Authorities arrested the Terraform creator, after his cryptocurrency plummeted in value, causing investors to lose over $40 billion USD.
US officials slapped the executive with allegedly orchestrating a “multibillion-dollar crypto asset securities fraud.”
Filip Adzic, Montenegro’s interior minister, revealed the arrest update after tweeting that “Montenegrin police 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.”
He added that Do Kwon had allegedly travelled under fake documents, and authorities are currently waiting to confirm his identity.
The news comes after the collapse of Do Kwon’s Terraform enterprise, Terra Luna, and TerraUSD tokens, sending shockwaves across cryptocurrency markets. This sparked a massive sale of Bitcoin, Ethereum, Tether, and other major cryptocurrencies in May last year.
Interpol later issued an international red notice after the US Securities and Exchange Commission (SEC) accused him of failing to fully disclose his crypto assets. The agency also stated he had misled holders and investors of stablecoin TerraUSD.
