Terra Founder Do Kwon Captured by Interpol in Montenegro

Interpol has apprehended Do Kwon, the founder of a defunct crypto company, who was being sought by authorities in the US and South Korea on fraud charges. Kwon, a South Korean national, created the blockchain platform behind TerraUSD stablecoin and Luna coin. However, both coins suffered a massive loss in value in May 2022, resulting in a $40 billion loss for the crypto market and causing widespread concern.

According to a social media post made by Filip Adžić, Montenegro’s Minister of the Interior, Do Kwon was arrested on March 23 in Montenegro, following confirmation of his identity through a fingerprint match by Interpol’s bureau in Seoul. Adžić’s Facebook post also confirms that Kwon was apprehended with counterfeit documentation and is currently being pursued by several nations, including the United States, South Korea, and Singapore. This latest twist in the saga of the TerraUSD and Luna coin collapse has captured the attention of the crypto community and law enforcement agencies worldwide.

It seems Do Kwon’s legal troubles will continue to mount as he faces fraud and capital markets law breach charges in South Korea. In September of 2022, a warrant was issued for his arrest after investors accused him of wrongdoing in the aftermath of his crypto company’s collapse. Despite the charges, Kwon denied their legitimacy and alleged that they were politically motivated. 

The U.S. Securities and Exchange Commission also charged him in February 2023 for allegedly masterminding a multi-billion dollar crypto asset securities fraud scheme involving Terra’s algorithmic stablecoin and other digital assets. With multiple countries and regulatory bodies pursuing him and with his recent capture by Interpol and subsequent arrest in Montenegro, Kwon’s future remains uncertain, as he will likely face these charges head-on in a court of law. 

Kwon’s arrest is considered a significant win for law enforcement authorities and could be a crucial step towards holding more crypto fraudsters accountable. Investors who lost money due to the collapse of Kwon’s company may see some light at the end of the tunnel with his arrest. This development may also restore confidence in the crypto industry, which has been plagued by fraudulent activities. While the outcome of the case remains uncertain, it will undoubtedly have significant implications for Kwon’s future and the crypto industry as a whole.