Do Kwon, co-founder of failed blockchain firm Terraform Labs, has been arrested in Montenegro.
Kwon
faces charges in the U.S., South Korea, and other countries in relation
to the collapse of the TerraUSD stablecoin and the closely linked Luna
token, both of which he helped develop.
- 31-year-old Kwon was arrested in Montenegro's capital city of Podgorica along with Hon Chang Joon.
- Kwon
was captured en route to Dubai and his identity was later confirmed by a
fingerprint match, reports CNN, citing Interpol’s national central
bureau in Seoul.
- Kwon, a South Korean national, is wanted by
the governments of the U.S., South Korea, and Singapore, said
Montenegrin Internal Affairs Minister Filip Adžić on social media.
- Kwon and Joon were found with falsified Costa Rican and Belgian travel documents, according to Interpol.
Zoom Out:
- Kwon helped develop the TerraUSD stablecoin and its sister token Luna, both of which collapsed in May 2022, wiping out over $40B from the crypto market.
- The fall of Terra USD and Luna precipitated the subsequent collapse of Sam Bankman-Fried’s FTX and other companies in the crypto industry.
