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Do Kwon’s Montenegro detention extended, registered Serbian company before arrest as fugitive

Press Releases Crypto News Crypto-News Do Kwon’s Montenegro detention extended, registered Serbian company before arrest as fugitive

Do Kwon, the co-founder of Terraform Labs, has been detained in Montenegro while attempting to fly to Dubai allegedly using fake documents.

Montenegrin authorities arrested Kwon at Podgorica airport and have approved a 30-day extension of his detention due to concerns over his unclear identity and potential for escape. In response to this decision, Kwon’s legal representatives have confirmed their intention to appeal the extension.

A wanted fugitive

U.S. regulators accused Kwon and Terraform Labs of “orchestrating a multi-billion dollar crypto asset securities fraud earlier this year.” South Korean authorities issued an arrest warrant for Kwon last September, believing that his company had violated capital market rules.

Law enforcement sent representatives to Belgrade to negotiate when they thought he was in Serbia because the two countries did not have an extradition agreement. Kwon asserted that he was not hiding but never provided an address.

Montenegro’s interior minister Filip Adzic confirmed Kwon’s arrest on Twitter, describing him as “one of the world’s most wanted fugitives” and stating that the suspect was allegedly traveling under a false name with fake documents.

U PODGORICI UHAPŠEN JEDAN OD NAJTRAŽENIJIH SVJETSKIH BJEGUNACA

Crnogrska policija lišila je slobode lice za koje se sumnja da je jedan od najtraženijih bjegunaca, južnokorejski državljanin Do Kwon, suosnivač i izvršni direktor Terraform Labs sa sjedištem u Singapuru.
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— Filip Adzic (@filip_adzic) March 23, 2023

The identification of the man was pending official confirmation, according to the authorities. The suspect in Montenegro was eventually identified as Kwon

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Author: Julius Mutunkei

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