Do Kwon, the cryptocurrency entrepreneur behind two digital currencies that have lost about 40billion dollars or more last year, was charged with fraud by US prosecutors.
03/24/2023
Montenegro police detained the founderblockchain platform Terraform Labs Do Kwon, who is wanted by Interpol on charges of fraud and theft of investor funds. According to a statement from the Montenegrin Ministry of Internal Affairs, Kwon was arrested at the airport in the country's capital Podgorica while trying to board a flight to Dubai using fake documents.
“The Montenegrin police detained a mansuspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder and CEO of Singapore's Terraform Labs,"— TASS quotes the minister’s statement on Twitter.The official also said that official confirmation of the detainee's identity is currently awaited, adding that Do Kwon is wanted by South Korea, the United States and Singapore.
Kwon is the main developer of cryptocurrenciesLuna and TerraUSD, whose collapse in May last year led to the collapse of the cryptocurrency market. The value of the stablecoin TerraUSD, once among the top 10 cryptocurrencies by market value, has fallen below one cent, causing investors to lose more than $40 billion.
The US Securities and Exchange Commission (SEC) filed a lawsuit against Kwon and Terraform alleging"an organization of a multibillion-dollar cryptocurrency securities fraud".
Read this:
Montenegrin police announced the arrest of the founder of the Terra project Do Kwon
SEC sues Terraform Labs and Do Kwon for fraud
Singapore launches investigation into Terraform Labs and its founder
FTC: US citizens have lost over $1 billion in crypto schemes since January 2021
FTC: Scam victims lost over $1 billion in cryptocurrencies
Cryptocurrency fugitive Do Kwon placed by South Korea in Serbia