Breaking: Terra Labs Co-Founder Arrested in Montenegro

March 23, 2023

MCP News Free

Breaking: Terra Labs Co-Founder Arrested in Montenegro

Do Kwon, the founder of Terra Labs, the company behind Terra USD stablecoin which collapsed in May 2022 has reportedly been arrested in Montenegro.

This was disclosed by the Minister of Interior of Montenegro in March 2023, and according to the Minister, someone who was suspected to be Terra Labs co-founder has been arrested by authorities of the Balkan nation, adding that the suspected “crypto king” possesses “falsified documents” and has currently been detained in Podgorica airport.

U PODGORICI UHAPŠEN JEDAN OD NAJTRAŽENIJIH SVJETSKIH BJEGUNACA

Crnogrska policija lišila je slobode lice za koje se sumnja da je jedan od najtraženijih bjegunaca, južnokorejski državljanin Do Kwon, suosnivač i izvršni direktor Terraform Labs sa sjedištem u Singapuru.
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— Filip Adzic (@filip_adzic) March 23, 2023

Following the post by the Minister, Montenegro local media confirmed the report of the arrest, and affirmed that the individual arrested is a South Korean national, although, no confirmation yet as regards whether or not it was Kwon.

To affirm this, the South Korean local media reported that the officials have confirmed using “photo data”, name, age, nationality, and an identification card that the person arrested was the co-founder of Terraform Labs.

Also, Han Mo, the former blockchain executive aide was reportedly arrested alongside Kwon in Podgorica, and the officials of South Korea are waiting for confirmation using fingerprints from the Montenegrin authorities.

This comes some months after Interpol issued a red notice for Do Kwon, although he has said on social media that he is not on the run, at a time, he’s said to be hiding in Dubai before moving to Europe.

He is reportedly living in Serbia, a Montenegro neighboring country with no extradition agreement with the South Korean government. Also according to reports, Montenegro does not have an extradition agreement with neither South Korea nor Singapore.

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