Kwon Do-hyeong31-year-old co-founder of Terraform Labs, wanted in the United Statesi e in South Korea due to a fraud related to the collapse of over 40 billion dollars in cryptocurrencies, was arrested yesterday, March 23, in Montenegroaccording to reports from the country’s interior minister, Filip Adzic. “Montenegrin police have arrested an individual believed to be one of the most wanted fugitives, South Korean citizen Do Kwon,” he said. Adzic Communicates Co-Founder Of Cryptocurrency Firm Was Stopped At Airport In Podgorica in possession of “false documents”. The South Korean news agency Yonhap Police said the suspect’s passport name, age and country of birth matched Kwon’s.
The international arrest warrant
Last September, South Korean prosecutors issued an international arrest warrant, accusing Do Kwon of violating the country’s financial laws. L’Interpol also issued a red alert, putting international law enforcement on alert in order to arrest Kwon. South Korea has also threatened to suspend the validity of his passport. Soon after the arrest warrant was issued, Do Kwon disappeared. In February 2023, the US Securities and Exchange Commission accused Do Kwon and Terraform Labs of defrauding investors, claiming they helped orchestrate “a multi-billion dollar cryptocurrency securities fraud involving a stablecoins algorithmic and other cryptocurrency titles». As reported by Bloomberg “US prosecutors in New York charged Kwon with eight counts, which included securities fraud, commodity fraud and wire fraud.” Both US and South Korean officials have requested Montenegro extradite Kwon, he adds Bloomberg.
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