Do Kwon, the co-founder of Singapore blockchain and cryptocurrency technology company Terraform Labs, has been arrested at Podgorica airport in Montenegro, according to Filip Adzic, Montenegro’s interior minister.
Kwon, who is wanted by South Korea, the United States, and Singapore for his alleged involvement in financial crimes, is accused of being responsible for over $40 billion in losses, which led to the collapse of the prices of TerraUSD and Luna in 2022.
The event wiped out almost $40 billion from the cryptocurrency market and led to the bankruptcy of Three Arrows Capital, a crypto hedge fund.
Kwon is alleged to have used forged documents to enter Montenegro, and the authorities are currently waiting for official confirmation of his identity.
Adzic named him “one of the most wanted fugitives in the world”. Previous reports suggested that Kwon was hiding in Serbia.