Do Kwon Arrested in Montenegro: Interior Minister

The suspect was detained at the Podgorica airport with falsified documents, said Filip Adzic.

AccessTimeIconMar 23, 2023 at 1:34 p.m. UTC
Updated May 9, 2023 at 4:11 a.m. UTC

The founder of Terraform Labs, Do Kwon, appears to have been arrested in Montenegro, according to a tweet by the country's minister of interior, Filip Adzic.

"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," Adzic tweeted.

Kwon has been the target of several investigations and was even on Interpol's red notice after stablecoin terraUSD (UST) and its $40 billion ecosystem imploded last year, sending shockwaves across the crypto markets.

The suspect was detained at the Podgorica airport with falsified documents, Adzic added, saying he was still waiting for official confirmation of identity.

The Korean National Police Agency said that it had confirmed the suspect appeared to be Kwon based on checking age, name, and nationality of his ID card, according to a report by the Yonhap news agency.

The unverified account of Adzic is followed by the official account of the prime minister of Montenegro, Dritan Abazovic. The tweet announcing Kwon's arrest was also retweeted by Abazovic's account. Adzic's account has previously been cited in official tweets.

CoinDesk has reached out to the Montenegro government for comment.

UPDATE (March 23, 13:38 UTC): Adds details throughout.

UPDATE (March 23, 13:54 UTC): Adds details, links.

UPDATE (March 23, 14:37 UTC): Adds details from Yonhap


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