Following the prolonged manhunt for Do Kwon, who was reportedly in hiding in Serbia, police in neighboring Montenegro have arrested the co-founder and former CEO of disgraced firm Terraform Labs, Montenegrin’s inside minister stated.
Coincidentally, “the Montenegrin police have arrested an individual thought-about one of the wished fugitives, a South Korean nationwide Do Kwon, the co-founder and CEO of Terraform Labs based mostly in Singapore,” in line with the Montenegrin Minister of Dwelling Affairs Filip. Adzic said on his Twitter profile on March 23.
In line with Adzic:
“The previous ‘cryptocurrency king’, who’s behind losses of greater than $40 billion, has been detained at Podgorica airport carrying cast paperwork as he’s wished by South Korea, the US and Singapore.”
Conclusion of the worldwide manhunt
As a reminder, Do Kwon and Terraform Labs have been accused by the US Securities and Change Fee (SEC) of enjoying a key function within the collapse of the Terra (LUNA) ecosystem, “orchestrating a multi-billion greenback cryptocurrency fraud . involving an algorithmic stablecoin and different crypto belongings.”
In September, Do Kwon reportedly sought refuge in Singapore after a Seoul court docket issued an arrest warrant for him, asking Interpol to revoke his passport and situation a pink ticket towards him, whereas the Terraform Labs founder insisted that he was not on the run.
Later, in December 2022, information emerged that Do Kwon was hiding in Serbia, quoting an official from the Korean investigative authorities as saying that the “lately obtained info that he was in Serbia turned out to be true,” resulting in the destruction of the ecosystem. cryptocurrency, reinvented as Terra Traditional (LUNC), is performing exceptionally poorly.
Extra lately, in early February, Finbold reported that South Korean officers traveled to Serbia because the nation’s prosecutors and prosecutors sought worldwide cooperation in monitoring down Do Kwon and arrested him after failing to find his exact location.