Montenegrin police announced the arrest of the founder of the Terra project Do Kwon

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Law enforcement agencies of Montenegro reported that they detained the co-founder and CEO of Terraform Labs at the airport of the capital.

The Balkan country's foreign minister, Filip Adzic, said Do Kwon had become "one of the most wanted fugitives."

"The former 'cryptocurrency king', who is behind losses of more than $40 billion, was detained at the Podgorica airport with false documents.He is wanted by South Korea, the United States and Singapore.We are waiting for official confirmation of his identity," the official wrote on Twitter.

In February, the Securities and Exchange CommissionThe United States (SEC) sued Terraform Labs and Do Kwon for “organizing a multibillion-dollar fraud.” The SEC statement emphasizes that Do Kwon and the company he organized, Terraform Labs, sold “an interconnected set of digital securities as part of illegal transactions.” The regulator noted the collapse of the algorithmic stablecoin UST, the creation of the USTC token and the associated cryptocurrency LUNC.  

Federal Bureau of Investigation and Southern DistrictNew York (SDNY) has already interrogated former employees of Terraform Labs who were involved in the USTC stablecoin. Investigators were talking about the relationship between the South Korean payment platform Chai and the Terra blockchain on which USTC operated. 

Singapore law enforcement in Marchbegan an investigation into the activities of Terraform Labs, as well as its CEO. Back in February, information appeared that representatives of South Korean law enforcement agencies went to Serbia in search of the CEO of Terraform Labs and turned to the local government for assistance in extradition. 

According to investigators, immediately after the arrest warrant was issued for Do Kwon in September 2022, he fled from Singapore to Dubai and then to Serbia. 

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