Montenegro

Do Kwon was apprehended at Podgorica airport by Montenegrin police. He was previously believed to be hiding in Serbia.

Despite the news, Kwon insisted that he was not “on the run” and kept an active presence on Twitter. South Korean authorities claimed in December that Kwon was hiding in Serbia. He may therefore have been attempting to flee Serbian authorities by entering Montenegro. Terra imploded in May 2022 when the network’s algorithmic stablecoin, UST, lost its peg and entered a death spiral, wiping out more than $40 billion from the markets. Podgorica is the nation’s capital city. It’s unclear whether he was attempting to enter or leave Montenegro.

Police believe they have arrested Do Kwon, the crypto boss accused of a multibillion-dollar fraud.

The SEC also said he misled investors about the stability of TerraUSD and repeatedly claimed the tokens would increase in value. But last month, the US Securities and Exchange Commission (SEC) accused him of failing to "provide the public with full, fair, and truthful disclosure" of the crypto assets. He is wanted in connection with the collapse of his company Terraform, which is estimated to have cost investors more than $40bn (£32.5bn).

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

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South Korean CEO of Terraform Labs is accused of multi-billion-dollar fraud involving TerraUSD and Luna currencies.

“We are waiting for official confirmation of identity,” Adžić added. [the high-profile collapse of the crypto exchange FTX](https://www.theguardian.com/technology/2022/nov/10/cryptocurrency-exchange-ftx-now-worthless-says-key-investor). [asked Interpol in September to circulate a “red notice” ](https://www.theguardian.com/business/2022/sep/19/south-korea-interpol-terra-do-kwon-cryptocurrency-ethereum)for the 31-year-old across the agency’s 195 member nations.

PODGORICA, Montenegro /SEOUL (Reuters) -- Police in Montenegro have detained a person thought to be Do Kwon, an international fugitive accused of.

Last week, the Wall Street Journal reported that the U.S. "The former cryptocurrency king who is behind losses of over $40 billion, has been apprehended at the Podgorica airport with forged documents. In February, the U.S.