Do Kwon, the CEO of Terraform Labs, is Thought to Have Been Detained in Montenegro

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Last Updated on March 23, 2023 by Bitfinsider

A person suspected of being Do Kwon, the creator of the Terra blockchain, which crashed spectacularly last year, has been detained in Montenegro, according to Yonhap, quoting South Korean authorities.

According to Yonhap, police in Montenegro are expecting a response from local officials after asking fingerprints for ultimate identification. The claim came after an unsubstantiated tweet credited to Montenegro’s Minister of Interior Filip Adzic said an individual suspected of being Do Kwon had been detained at Podgorica’s airport.

TerraUSD, Terraform Labs’ stablecoin, also known as UST, crashed in May 2022, taking out tens of billions of dollars for investors. The event was the first in a succession of crises that will strike crypto markets in 2022, including the insolvency of cryptocurrency financier Celsius and exchange behemoth FTX. In September, a South Korean judge issued an arrest warrant for Kwon, a Korean citizen, alleging he violated capital market rules.

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