Federal prosecutors in New York have filed charges against Terraform Labs co-founder Do Kwon hours after his arrest at the Podgorica airport in Montenegro on Thursday.
The 12-page indictment from the United States District Court for the Southern District of New York shows that Kwon faces eight counts, which include conspiracy to defraud, two counts of commodities fraud, two counts of securities fraud, two counts of wire fraud and conspiracy to defraud and engage in market manipulation.
The US also seeks for the forfeiture of Kwon’s assets linked to the offenses charged.
Reads the indictment signed by US Attorney Damian Williams,
“The defendant shall forfeit to the United States…any and all property, real and personal, that constitutes or is derived from proceeds traceable to the commission of said offenses, including but not limited to a sum of money in United States currency representing the amount of proceeds traceable to the commission of said offenses.”
Kwon went on the run after Terraform Labs’ Terra (LUNA) token and TerraUSD (UST) stablecoin collapsed, causing over $40 billion in losses.
CBS News reports that Montenegro’s police apprehended Kwon while attempting to board a flight to Dubai using a fake Costa Rican passport. The country’s Minister of Internal Affairs Filip Adzic announced the arrest on Twitter and South Korean authorities later confirmed the crypto fugitive’s identity based on photographic data and fingerprint information.
Kwon is currently detained in Montenegro. Bloomberg reports that both the US and South Korea, the 31-year-old’s native country which issued his arrest warrant in September, seek his extradition.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Pattern Trends
Source: https://dailyhodl.com/2023/03/26/us-prosecutors-slam-terra-luna-founder-do-kwon-with-eight-counts-of-fraud-for-2022-crypto-collapse/