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Terra-Luna co-founder Do Kwon reportedly arrested in Montenegro

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A person suspected of being international fugitive Kwon Do-hyung, also known as Do Kwon, the co-founder of Terraform Labs, has been detained by the Montenegrin police, according to a Twitter post from the unverified account of Montenegro Minister of Interior Filip Adzic. The tweet was retweeted by the verified account of Dritan Abazovic, the country’s prime minister. 

See related article: FBI investigating the collapse of Do Kwon’s Terra-Luna, WSJ reports

Fast facts

  • Authorities detained a person believed to be Kwon traveling with falsified documents on Thursday at an airport in Podgorica, the capital of Montenegro, Adzic said on Twitter.
  • Kwon faces fraud charges in South Korea related to the failed algorithmic stablecoin in the Terra-Luna ecosystem, a collapsed project developed by Singapore-based Terraform Labs.
  • South Korean authorities issued an arrest warrant for Kwon in September for violating capital markets law, nearly two weeks before Interpol issued a red notice for his arrest.
  • Kwon’s suspected arrest comes after Terraform Labs co-founder Shin Hyun-seung, also known as Daniel Shin, was called in for questioning by South Korean prosecutors earlier this week. Prosecutors failed to convince the court to approve an arrest warrant for Shin.
  • The National Police Agency of South Korea has reportedly requested the Montenegrin government to provide information on the detained suspect’s fingerprints to verify Kwon’s identity, according to local news agency Yonhap. The South Korean police added that pictures of the suspect matched Kwon’s physical attributes.
  • The Government of Montenegro did not immediately respond to Forkast’s inquiries. 

See related article: South Korea cranks up pressure to extradite Do Kwon, founder of failed Terra-Luna stablecoin





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