Do Kwon, CEO of Terraform Labs, has been accused of fraud by the New York prosecutor’s office, a few hours after his alleged arrest in Montenegro.
The 31-year-old businessman was indicted on eight separate counts, including securities fraud, commodity fraud and wire fraud, according to a March 24 Bloomberg note.
Filip Adzic, Montenegro’s interior minister, reported on March 23 that an individual suspected of being the former “king of cryptocurrencies” was detained at Podgorica airport with “falsified documentation,” and authorities are awaiting further investigation. official confirmation of your identity.
Kwon was detained at the Podgorica airport along with Hon Chang Joon as they tried to fly to Dubai, Adzic said.
South Korean prosecutors have issued an arrest warrant for Kwon, who faces a series of charges of fraud and violation of capital markets law in his home country. Interpol has also issued a red alert for his arrest and the US Securities and Exchange Commission (SEC) has also filed its own fraud charges.
The charges against him relate to his alleged role in the $40 billion collapse of the Terra Luna Classic (LUNC) token and TerraClassicUSD (USTC) stablecoin in May 2022.
This is a developing story and will be updated as soon as more information is available.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.