Do Kwon, the founder of Terraform Labs and the designer of the defunct stablecoin Terra, has been detained in Montenegro.

This news was first announced via social media posts by Filip Adzic, the interior minister of Montenegro, on Facebook and Twitter. Adzic is verified on Facebook, but Facebook’s blue checks have historically been inaccurate.

According to Yonhap News in Korea, police are awaiting fingerprint evidence to corroborate that the person who was arrested is, in fact, Do Kwon.

One of the early developments in the industry’s decline last year was the collapse of the Terra / Luna algorithmic stablecoin ecosystem, which the SEC claims was caused by a huge fraud that lost over $40 billion in value. As prosecutors in the US and South Korea tried to have Kwon arrested, there were reports that Interpol had issued a “red notice” for him. This was despite Kwon’s tweets stating that “I am not on the run” or anything similar.

In a statement about the arrest, Korean police reportedly said, “We checked the person’s age, nationality, and name with the identification card they had, and confirmed that he was the same person as CEO Kwon with photo data.”


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