Terraform Labs CEO Do Kwon is Arrested in Montenegro

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The Minister of Internal Affairs of Montenegro, Filip Adzic, has announced the detainment of Do Kwon, the co-founder and CEO of Terraform Labs (TFL) and “one of the most wanted fugitives” connected to over $40 billion of user losses.

He was arrested at the Podgorica airport with false documents, as requested by law enforcement agencies in the United States, Singapore, and South Korea. Earlier in December 2020, media sources had reported, citing the prosecutor’s office, that Kwon had been hiding in Serbia.

Representatives from the Ministry of Justice and the supervisory agency denied these claims, but Kwon himself claimed he was “not on the run” and had been cooperating with law enforcement.

In September, Bloomberg reported on Interpol’s issuance of a “red notice” for Kwon’s detainment.