Do Kwon Successfully Arrested By Mandatory Parties In Montenegro, Here's The Fate Of Terra LUNA Founders!

Do Kwon, founder of Terraform Labs. (Photo; Doc. Beincrypto)

JAKARTA The public was shocked by the news of the arrest of the founder of Terraform Labs, Do Kwon, at Podgorica airport in Montenegro. This was announced by the Minister of Home Affairs, Filip Adzic, via his official Twitter account on Thursday morning, March 23, 2023, United States time.

Kwon has reportedly been hiding to avoid being chased by South Korean authorities and lawsuits by the US Securities and Exchange Commission (SEC) over charges of committing billions of dollars in fraud and selling unregistered securities.

Do Kwon, founder of Terraform Labs, has reportedly been arrested in Montenegro. Filip Adzic, Minister of Home Affairs Montenegro, announced the news via his official Twitter account on Thursday morning.

Adzic confirmed that Kwon, considered one of the world's fugitives, was detained by Montenegro police at Podgorica airport. Kwon, a South Korean national, is accused of carrying out a billion-dollar fraud operation and selling unregistered securities with Singapore-based Terraform Labs.

In recent times, Do Kwon has allegedly been hiding in Singapore, Dubai, or Serbia. However, his arrest in Montenegro has revealed his whereabouts. The United States SEC has sued Kwon and Terraform Labs on charges of carrying out fraudulent operations and selling unregistered securities.

Adzic explained that Kwon was detained at Podgorica airport using fake documents. He is also a fugitive for three countries, namely South Korea, the United States, and Singapore. However, Montenegro authorities are still waiting for the official confirmation of Kwon's identity.

According to South Korean newspaper Yonhap, the National Police have requested fingerprint information from the Montenegro authorities. They also verified Kwon's identity by using his photo and identity card data.

Do Kwon's arrest in Montenegro was a big surprise for the fintech world. This incident shows that acts of fraud in the digital business are very serious and dangerous. The public will continue to follow the development of this case to find out the results of the investigation and prosecution of Do Kwon and Terraform Labs.