The Terraform Labs CEO, Do Kwon, was finally taken into custody on Thursday in Podgorica, Montenegro.
The Terraform Labs CEO, Do Kwon, was ultimately taken into custody on Thursday in Podgorica, Montenegro. The Montenegrin police claimed they detained a person who is believed to be the CEO of Terraform Labs and described him as one of the most wanted fugitives and a South Korean national.
Over the past few months, authorities in numerous jurisdictions around the world have been searching for Kwon. Due to the rippling impact that the Terra network failure in mid-2022 had on the cryptocurrency market, investors lost a significant amount of money.
He has been under investigation for the past 11 months since the Terra/LUNA collapse, which wiped out about $40 billion from the cryptocurrency market.
Kwon was taken into custody at the Podgorica airport, according to a statement from the Montenegrin interior minister. According to a translation of the minister’s remarks,
“Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder and CEO of Singapore-based Terraform Labs.”
The CEO of Terraform Labs stated he was not “on the run” last year. He made comments in September 2022 in response to the reports that said otherwise. He claimed to be fully cooperative with the authorities at the time.
