Terraform Labs founder Do Kwon arrested in Montenegro

After the prolonged manhunt for Do Kwon, who was reportedly hiding in Serbia, the police in the neighboring country of Montenegro have arrested the co-founder and former CEO of the disgraced company Terraform Labs, according to the Montenegrin Minister of Interior.

As it happens, “the Montenegrin police has apprehended an individual believed to be one of the most-wanted fugitives, a South Korean national Do Kwon, the co-founder and CEO of Terraform Labs based in Singapore,” the Montenegrin Minister of Interior Filip Adzic said on his Twitter profile on March 23.

According to Adzic:

“The former ‘cryptocurrency king’ who is behind the losses exceeding $40 billion, has been apprehended in the Podgorica airport carrying falsified documents, as he is sought after by South Korea, the US, and Singapore.”

Conclusion of worldwide manhunt

As a reminder, Do Kwon and Terraform Labs have been accused by the United States Securities and Exchange Commission (SEC) of having a key role in the collapse of the Terra (LUNA) ecosystem, “orchestrating a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities.”

In September, Do Kwon reportedly took refuge in Singapore after a court in Seoul issued an arrest warrant after him, asking Interpol to revoke his passport and issue a red notice against him, while the Terraform Labs founder maintained he was not on the run.

Later, in December 2022, the news emerged that Do Kwon was hiding in Serbia, quoting an official from the Korean investigative authorities who said that the “recently obtained information that he was in Serbia was discovered to be true,” which led to the ecosystem’s cryptocurrency, reinvented as Terra Classic (LUNC), suffering an exceptionally poor performance.

More recently, in early February, Finbold reported that South Korean officials had traveled to Serbia as the country’s prosecution and justice officers were seeking international cooperation in tracking Do Kwon down and arresting him upon failure to discover his precise location.