Do Kwon

Terraform Labs co-founder faces eight criminal counts, including securities and wire fraud.

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Interpol says a man arrested in Montenegro is Kwon Do-hyeong, also known as Do Kwon, the disgraced founder of a collapsed crypto company who is wanted in ...

Kwon was based in Singapore while running the blockchain platform Terraform Labs. Kwon, a South Korean national, founded the blockchain platform behind the TerraUSD stablecoin and its sister coin Luna. [huge blow](https://edition.cnn.com/2022/12/12/business/sam-bankman-fried-arrested/index.html) from the fall of crypto exchange FTX in November. [arrest warrant](https://www.cnn.com/2022/09/14/business/south-korea-cryptocurrency-luna-arrest-intl-hnk/index.html) for Kwon, after he was accused of fraud by investors in the country in the wake of the collapse of his company. [claimed on Twitter](https://twitter.com/stablekwon/status/1571197156907679745?s=20&t=toEtlMye7Gcl3V6cLwJwDw) that he was not “on the run,” but refused to disclose his whereabouts due to worries about his personal security. “He was arrested at the airport with counterfeit documentation and is wanted by several countries, including the USA, South Korea, and Singapore,” Adžić said in a

Terraform Labs co-founder Do Kwon was charged by US prosecutors with orchestrating a yearslong cryptocurrency fraud that wiped out at least $40 billion in ...

Do Kwon, 31, presided over one of the biggest busts ever seen in the volatile cryptocurrency sector. Read more at straitstimes.com.

In a matter of days, TerraUSD and Luna practically had no value. But he became the subject of an Interpol red notice. [Interpol had issued a red notice – ](https://www.straitstimes.com/business/companies-markets/interpol-issues-red-notice-for-terra-founder-do-kwon-south-korea-prosecutors-say)a request for police worldwide to locate and arrest Kwon, who has also been [stripped of his South Korean passport.](https://www.straitstimes.com/business/companies-markets/crypto-fugitive-and-terra-founder-do-kwon-set-to-lose-his-south-korean-passport) Investors are also more wary of decentralised finance, or DeFi, which refers to the practice of trading, borrowing and lending tokens on digital ledgers like the one Kwon built. [accused Kwon and Terraform Labs of fraud.](https://www.straitstimes.com/business/us-charges-terra-founder-do-kwon-with-fraud) Kwon was thought to be in Singapore, but the city state on Sept 17 said he was no longer there. That drew the scrutiny of regulators from the US to Asia, as well as law enforcement in South Korea, where some 280,000 people had bought Luna. TerraUSD or UST was not backed by dollars or other assets, but instead was supposed to be worth US$1 because it could be redeemed for US$1 worth of Luna, which in turn was meant to increase in value as the Terraform Labs network became more valuable. Terraform Labs dramatically raised the supply of Luna to restore the link, causing the latter’s price to sink. In May 2022, as his project imploded, he said he was “heartbroken about the pain my invention has brought on all of you”. He has poked fun at people who see him as an absconder, saying he has not gone running in a while and needs to “cut some calories”. His Singapore-based Terraform Labs created the TerraUSD stablecoin, which was meant to have a constant US$1 value via a complex mix of algorithms and trader incentives involving a sister token, Luna.

SEOUL: South Korea will seek the extradition of fugitive crypto entrepreneur Do Kwon, prosecutors told AFP on Friday (Mar 24), after the Terraform founder ...

"South Korean prosecutors will take steps to repatriate Kwon Do-hyung. Advertisement

The former crypto CEO, who was on the run for months, faces fraud charges in South Korea and the U.S..

However, around $40 billion in market value was erased for the holders of TerraUSD and its floating sister currency, Luna, after the stablecoin plunged far below its $1 peg in May. Police in Montenegro have arrested Terraform Labs founder Do Kwon, who is wanted in the U.S. The U.S. Federal prosecutors in New York indicted Kwon on fraud charges hours after the arrest. The men were arrested at Montenegro's Podgorica Airport while trying to depart for Dubai using fake Costa Rican passports, the ministry said. Securities and Exchange Commission also

Do Kwon is being accused by prosecutors of committing commodities fraud, securities fraud, wire fraud, and engaging in market manipulation.

In addition to the new charges brought to him by U.S. prosecutors, Kwon is also facing criminal charges in Montenegro for document forgery. The DOJ is seeking Kwon’s extradition to the U.S., according to CoinDesk. Local media reported that the Terraform Labs CEO was attempting to board a flight to Dubai by using a fake Costa Rican passport. He was also carrying South Korean and Belgian travel documents. - Do Kwon is facing new charges in the United States and Montenegro.

"Stablecoins" shot to prominence after the creator of one such cryptocurrency, intended to be less volatile than competing coins, was arrested following the ...

In the case of the Terra coin issued by Do Kwon, the company said it could guarantee the parity of the asset to the dollar not through reserves but through an algorithm. Stablecoins, such as Tether and USD Coin (USDC), are cryptocurrencies. To guarantee a dollar price, Tether or Circle, the issuer of the USDC, claim to hold reserves in assets equivalent to the issued stablecoins.