- Shady crypto entrepreneur Do Kwon has been on the run since June 2022.
- Terra’s $LUNA token and UST stablecoin crumbled to pieces in May 2022.
- Despite claiming not to be on the run, Kwon carefully concealed his location.
The corrupt leader of the fallen TerraForm Labs has finally been arrested in Podgorica, Montenegro. Today, Filip Adzic, the Minister of Interior of Montenegro, posted a message on Twitter declaring that one of the world’s most wanted fugitives has been detained at Podgorica Airport with counterfeit passports.
The government official confirmed that one of the most notorious crypto figures had been arrested. Singaporean, South Korean, and United States authorities are also eager to bring the controversial Terra Founder to justice.
Game Over for Crypto’s Hide-and-Seek Champion
This comes just a month after the U.S. Securities and Exchange Commission (SEC) charged Do Kwon and his TerraForm Labs co-founding partners with conspiracy against investors, price manipulation, and violation of capital law. This is what the Head of the SEC, Gary Gensler, had to say about the situation: “We allege that they committed fraud by repeating false and misleading statements to build trust before causing devastating losses for investors.”
However, the SEC is among multiple institutions aiming to press charges against Do Kwon. South Korean authorities, Singaporean and Serbian police special task forces have been trying to capture the fraudulent crypto entrepreneur for almost a year. On top of that, a vigilante group of angry and desperate investors was created to locate the elusive individual, but without success.
Now that Do Kwon has been captured, regulators and investors can finally gain closure on the fiasco that caused enormous damage to the crypto sphere and left countless investors devastated. Following the news, the newly launched Terra (LUNA) token instantly plunged 8.2%.
On the Flipside
- Montenegrin government official Filip Adzic mentioned that the local authorities are still awaiting official identity confirmation.
Why You Should Care
TerraForm Labs is linked to $2 trillion in crypto assets being wiped out in a matter of weeks.
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Sourced from dailycoin.com.
Written by on 2023-03-23 14:35:00.