Terraform Labs co-founder and CEO Do Hyeong Kwon was reportedly arrested Thursday at an airport in Montenegro’s capital city of Podgorica, according to the country’s Minister of Interior, Filip Adzic.

“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,” he said.

Montenegrin authorities are still confirming that the individual arrested is Kwon, based on the claim that the person was in possession of falsified documents when detained.

Local reports in South Korea also indicate that “a person presumed to be the CEO of Terraform Labs” had been arrested in Montenegro. The country’s national police agency reportedly said that it had “confirmed” that the person arrested was “the same person as CEO Kwon with photo data.”

The arrest comes almost a year after the collapse of the Terra ecosystem last May, an event that thrust the digital assets industry firmly into crypto winter and contributed to the failure of several firms like the crypto hedge fund Three Arrows Capital (3AC).

It involved the implosion of LUNA and the algorithmic stablecoin TUSD, swiftly wiping away $40 billion in digital asset markets as the coins plummeted in value. The event sent the price of Bitcoin tumbling from $40,000 the around $27,000 two weeks later.

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Author: André Beganski

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