The Montenegrin authorities have apprehended Do Kwon, the CEO and co-founder of Terraform Labs based in Singapore, who is widely regarded as the most wanted fugitive in the world. Kwon, a South Korean national, was reportedly detained at Podgorica airport with fraudulent documents and is accused of causing losses exceeding $40 billion. Several countries, including South Korea, the United States, and Singapore, are currently seeking his extradition.
At present, the Montenegrin officials are awaiting an official verification of the individual's identity. Filip Adzic, Montenegro's interior minister, referred to him as "one of the most wanted fugitives in the world." The person in question is Do Kwon, a renowned South Korean entrepreneur and Terraform Labs' co-founder, a Singapore-based blockchain and cryptocurrency technology firm. Kwon is a prominent figure in the blockchain industry and has contributed to various cryptocurrency initiatives.
Kwon achieved recognition as the "cryptocurrency king" for his role in developing the stablecoin mechanism, which aims to stabilize the values of cryptocurrencies. Nevertheless, his reputation was significantly harmed following the collapse of TerraUSD and Luna prices in 2022, resulting in a nearly $40 billion loss in the cryptocurrency market. This event caused Three Arrows Capital, a crypto hedge fund, to go bankrupt. Despite the project's rebranding, investors expressed concerns regarding trust issues and, as a result, had a negative perception of TerraUSD Classic and USC.
Do Kwon is being sought after by authorities in South Korea, the United States, and Singapore, as he is accused of engaging in financial crimes such as fraud and money laundering. Earlier reports had suggested that Kwon was hiding in Serbia.