On Thursday in Podgorica, Montenegro, police arrested Do Kwon, CEO of Terraform Labs. Montenegro police say they have arrested a person they believe is the CEO of Terraform Labs. They identified Kwon as one of the most wanted fugitives and as a South Korean citizen.
Terraform Labs Co-founder Do Kwon Was Arrested in Montenegro
Law enforcement agencies around the world have been actively searching for Kwon in recent months. By mid-2022, the Terra Network outage and its impact had caused the cryptocurrency market to suffer heavy losses. Kwon was reportedly arrested at Podgorica airport. This was made clear by a statement from the Montenegrin Ministry of the Interior.
“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 Тerraform Labs.” – The minister’s remark
Additionally, Тerraform Labs’ CEO denied being “on the run” last year. In September 2022, he addressed rumors to the contrary with the following explanatıon. At the time, Kwon said he was working closely with relevant authorities.
Apart of thıs, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit in February 2023 in U.S. federal court in Manhattan, claiming that Terra LUNA creators used LUNA and Terra’s algorithmic stablecoin TerraUSD (UST) to accused of plotting a $40 billion securities fraud.
Securities and Exchange Commission chief Gary Gensler said Kwon has not provided investors with enough information about “crypto securities” about LUNA and Terra USD.
Source
Check out more of our latest news here
Leave a comment