Terra (LUNA) Founder Do Kwon Arrested at Montenegro Airport

Montenegrin police unexpectedly captured Do Kwon, the notorious crypto fugitive who’s been out of the picture for a year.

Do Kwon is pressed against TerraForm Labs logo as a satisfied Montenegrin cop handcuffed the corrupt entrepreneur.
  • Shady crypto entrepreneur Do Kwon has been on the run since June 2022.
  • Terra’s $LUNA token and UST stablecoin crumbled to pieces in May 2022.
  • Despite claiming not to be on the run, Kwon carefully concealed his location.

The corrupt leader of the fallen TerraForm Labs has finally been arrested in Podgorica, Montenegro. Today, Filip Adzic, the Minister of Interior of Montenegro, posted a message on Twitter declaring that one of the world’s most wanted fugitives has been detained at Podgorica Airport with counterfeit passports.

The government official confirmed that one of the most notorious crypto figures had been arrested. Singaporean, South Korean, and United States authorities are also eager to bring the controversial Terra Founder to justice.

Game Over for Crypto’s Hide-and-Seek Champion

This comes just a month after the U.S. Securities and Exchange Commission (SEC) charged Do Kwon and his TerraForm Labs co-founding partners with conspiracy against investors, price manipulation, and violation of capital law. This is what the Head of the SEC, Gary Gensler, had to say about the situation: “We allege that they committed fraud by repeating false and misleading statements to build trust before causing devastating losses for investors.”

Sponsored

However, the SEC is among multiple institutions aiming to press charges against Do Kwon. South Korean authorities, Singaporean and Serbian police special task forces have been trying to capture the fraudulent crypto entrepreneur for almost a year. On top of that, a vigilante group of angry and desperate investors was created to locate the elusive individual, but without success.

Now that Do Kwon has been captured, regulators and investors can finally gain closure on the fiasco that caused enormous damage to the crypto sphere and left countless investors devastated. Following the news, the newly launched Terra (LUNA) token instantly plunged 8.2%.

On the Flipside

  • Montenegrin government official Filip Adzic mentioned that the local authorities are still awaiting official identity confirmation.

Why You Should Care

TerraForm Labs is linked to $2 trillion in crypto assets being wiped out in a matter of weeks.

Sponsored

Read the latest DailyCoin news:

Coinbase Draws SEC’s Ire as Major Exchange Faces Lawsuit

Trump Cards Plummet 10.3% as Donald Trump Faces NY Indictment

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.