Do Kwon, founder of the now collapsed Terraform Labs, has been arrested in Montenegro, local officials say.
Montenegrin police have detained the disgraced entrepreneur at the Podgorica airport, the country’s minister of interior, Filip Adzic, tweeted.
“The former ‘cryptocurrency king,’ who is behind losses of more than $ 40 billion, was detained at the Podgorica airport with falsified documents,” Adzic wrote.
The tweet has since been retweeted by the country’s prime minister, Dritan Abazovic. Local news site Vijesti has also confirmed the reports.
Following his arrest, the price of LUNA immediately dipped by 8.2%. It is now trading at $1.33, according to information on CoinGecko.
Montenegro officials have not responded to Blockworks’ request for comment.
This is a developing story.
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Source: https://blockworks.co/news/do-kwon-arrested