Terraform Labs founder and former billionaire Do Kwon was arrested in Montenegro, according to local officials. Kwon was on the run for months after the collapse of the multi-billion dollar Terra ecosystem in May 2022.
Montenegrin police detained Kwon at the Podgorica airport for possessing fake documents, as reported by the country's interior minister, Filip Adzic, via tweet. Later, news of Kwon’s arrest was confirmed by Montenegro’s prime minister, Dritan Abazovic. So it sounds like they really got him this time. I wonder when they’ll let him go.
The Montenegrins don’t have much to say about Kwon’s arrest, and they’re directing reporters to Adzic’s Twitter for more information on Kwon. Uh… Did they already let him go?
Kwon is best known for the collapse of the Terra ecosystem and its stablecoin, UST, which caused more than $40 billion in losses for crypto investors and institutions. Several governments have also accused Kwon of stealing money from Terraform Labs and its investors.
Earlier this year, the SEC charged Do Kwon for “orchestrating” cryptocurrency securities fraud. Additionally, South Korean government officials issued a warrant for Kwon’s arrest, and he is currently under investigation by authorities in Singapore.
With Kwon’s arrest in Montenegro, it remains to be seen how these various legal proceedings will unfold. It seems like everyone wants a piece of Kwon, but it’s unclear who has first dibs on him (and, of course, any money that can be recovered from him).