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Interpol confirms arrest of crypto fugitive Do Kwon in Montenegro

Seoul/Atlanta CNN  — 

Interpol says a person arrested in Montenegro is Kwon Do-hyeong, often known as Do Kwon, the disgraced founding father of a collapsed crypto firm who is needed in South Korea and the US on fraud and different costs.

Kwon, a South Korean nationwide, based the blockchain platform behind the TerraUSD stablecoin and its sister coin Luna. Each cash misplaced their worth in a matter of days in Might 2022, wiping about $40 billion from the crypto market and setting off panic throughout the speculative sector.

Kwon’s id was confirmed by means of a fingerprint match, Interpol’s nationwide central bureau in Seoul advised CNN on Friday.

A day earlier, Montenegrin Inside Affairs Minister Filip Adžić wrote on social media {that a} man believed to be Kwon was arrested within the capital Podgorica.

“He was arrested on the airport with counterfeit documentation and is needed by a number of nations, together with the USA, South Korea, and Singapore,” Adžić stated in a Fb publish.

Kwon was based mostly in Singapore whereas operating the blockchain platform Terraform Labs. Seoul prosecutors advised CNN in December that the crypto entrepreneur was believed to be in Serbia, the place he was in hiding after leaving Singapore through Dubai.

In September, a South Korean courtroom issued an arrest warrant for Kwon, after he was accused of fraud by buyers within the nation within the wake of the collapse of his firm.

Kwon has been charged with fraud and breaches of South Korea’s capital markets legislation. He stated in October that he didn’t imagine the costs had been official, and claimed they had been “politically motivated.”

The crypto developer has repeatedly claimed on Twitter that he was not “on the run,” however refused to reveal his whereabouts on account of worries about his private safety.

Terraform Labs was behind TerraUSD, a stablecoin which in idea was meant to retain a $1 value level.

The collapse of TerraUSD and Luna, two linked cash, kick began the so-called “crypto winter,” from which the trade was struggling to recuperate even because it skilled one other big blow from the autumn of crypto alternate FTX in November.

– CNN’s Jake Kwon contributed reporting

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