On March 23, Do Kwon, the founder of the failed cryptocurrency network Terraform Labs, was arrested after months of evading authorities and regulators.
Kwon is responsible for over $40 billion in losses following the crash of two crypto assets, LUNA and TerraUSD algorithmic stablecoin, UST.
The news of Kwon’s arrest broke on March 24 after reports emerged that a man believed to be Kwon had been apprehended in Montenegro while trying to leave the country with fake documentation.
The identity of the man was later confirmed through fingerprint matching by Interpol. Kwon had been on the run since South Korea issued a warrant for his arrest last year, and reports suggest that South Korea had asked Interpol to issue a red notice concerning him.
Kwon and Hang Chang, Terraform’s CFO, had been hiding in Serbia before moving to Montenegro to avoid being tracked by authorities.
Kwon has been charged with several fraud-related charges, including conspiracy to defraud, market manipulation, wire fraud, commodities fraud, and securities fraud.
Images of Kwon in handcuffs leaving the Montenegrin court suggest that he and his accomplice, Han Chang, have already been presented in court.