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Montenegro Authorities Allegedly Arrested Terraform Labs Co-Founder Do Kwon

Montenegro Authorities Allegedly Arrested Terraform Labs Co-Founder Do Kwon

The hunt for the Terraform Labs co-founder Do Kwon may be over.

On March 23rd, Montenegro's Minister of the Interior, Filip Adzic, reported the arrest of a person believed to be Terra Luna co-founder Do Kwon.

Local news source Vijesti has since verified that the Twitter account that announced the arrest belongs to the Montenegrin interior minister and that the detained individual is a South Korean national.

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In Adzic's statement, he revealed that at Podgorica airport, the Montenegrin police arrested a person with "falsified documents" suspected of being the former "cryptocurrency king." 

In his Twitter post, Montenegro's Minister of the Interior, Filip Adzic, stated:

Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder, and CEO of Singapore-based Terraform Labs.

Based on Flip Azdic, authorities are currently awaiting official confirmation of the suspect's identity. However, several news reports claim that "photo data," nationality, name, and age on the identification card suggest that the man is Do Kwon.

The National Police Agency of South Korea confirmed the news about the South Korean national arrest but claimed that they are waiting for "fingerprint information" to verify whether the individual is Do Kwon or not.

Montenegro is situated in the south of Serbia and shares borders with the country. Since December 2022, South Korean prosecutors have speculated that Do Kwon was hiding in Serbia, a country that does not have an extradition pact with South Korea.

The hunt for Do Kwon lasted for quite some time. The search for Terraform Labs co-founder started in September 2022, when South Korean authorities issued an arrest warrant on "allegations including breaches of capital markets law."

Shortly after that, South Korean authorities asked for help from The International Criminal Police Organization (Interpol), which later issued a “Red Notice” for Do Kwon.

Following the arrest warrant and "Red Notice," on October 6th, South Korea’s Ministry of Foreign Affairs ordered Do Kwon to hand over his passport. After Do Kwon failed to comply with South Korean authorities, the man's passport was discontinued.

For almost four months, authorities believed Terraform Labs' co-founder had been hiding in Singapore and Dubai. However, in December, the news traces suggested that Do Kwon was hiding in Serbia.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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