After his arrest at the airport in Podgorica, the capital of Montenegro,
Do Kwon, the founder of Terraform Labs, which operated the so-called TerraUSD stablecoin and its sister token LUNA, has been slammed by U.S. prosecutors with eight criminal indictments, including securities fraud and conspiracy, for his alleged roles in what wiped out about $40 billion from the crypto market.
Do Kwon was arrested in Montenegro on Thursday morning after months in hiding while trying to board a flight to flee Dubai with falsified documents.
Do Kwon, or Do-Hyung Kwon, is also wanted in South Korea and the U.S. on fraud charges.
U.S. federal prosecutors are seeking Kwon’s extradition to New York, while their Korean counterpart is also seeking Kwon’s extradition.
Kwon is facing a myriad of criminal proceedings. Since the Terra/LUNA collapse in May 2022, a South Korean court has issued an arrest warrant against him, and Interpol issued a red notice, a call to law enforcement worldwide, in September to capture Kwon.
In October, South Korean prosecutors reportedly requested the local foreign affairs ministry to nullify Kwon’s passport unless he returned that by Sept 15.