Business In News
- Terraform Labs founder Do Kwon has reportedly been arrested in Montenegro.
- The country’s Minister of Interior announced Kwon’s arrest on Twitter.
- The fugitive founder was detained at Podgorica airport for falsifying documents.
- South Korea, the United States, and Singapore have reportedly lodged detention requests.
Do Kwon, the man behind Terraform Labs, has reportedly been arrested in Montenegro. Kwon, who fled his home country of South Korea in April last year, was detained at Podgorica airport. Montenegrin officials are waiting for the official confirmation of his identity.
Do Kwon falsified his documents
News of Do Kwon’s arrest was shared by Montenegro’s Minister of Interior, Filip Adzic. Minister Adzic took to Twitter to announce the detention of “one of the most wanted fugitives”. The Twitter account does not appear like the official verified handle of a government official, which usually carries the famous blue tick marks. However, it is followed by the official Twitter account of Montenegro’s Prime Minister Dritan Abazovic, who retweeted the Interior Minister’s announcement.
Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder, and CEO of Singapore-based Terraform Labs.”
Filip Adzic, Montenegro’s Minister of Interior
Minister Adzic further revealed that Kwon’s detention was requested by authorities in South Korea, Singapore, and the United States. Montenegro is located close to Serbia, where South Korean officials traveled last month to track down Do Kwon. A South Korean prosecutor and an official from the country’s Justice Ministry went to Serbia in February after reports of Kwon’s presence in the Balkan nation emerged in December last year. Do Kwon has had an outstanding Interpol red alert since September 2022, for his role in the collapse of Terra Luna and the $40 billion loss that followed.
Terra Classic (LUNC) tanked more than 3% following the news of Kwon’s arrest. Meanwhile LUNA has lost nearly 6% of its value over the past hour.