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Suspected Terraform co-founder arrested in Montenegro: police

All News 23:31 March 23, 2023

SEOUL, March 23 (Yonhap) -- A suspect presumed to be the wanted chief of blockchain firm Terraform Labs was arrested in Montenegro, police said Thursday.

The man is suspected to be Do Kwon, wanted co-founder and CEO of the company, whom the prosecutors spotted in Serbia in December last year, after his short exile in the United Arab Emirates and Singapore.

Police said the suspect's passport name, age and country of birth match those of Kwon. They also requested the man's fingerprints be scanned for identification.

The disgraced entrepreneur has been under investigation for alleged fraud and tax evasion after investors in TerraUSD and Luna filed complaints against Kwon in May, accusing him of a Ponzi scheme over the loss of billions of won following the crash of both coins.

Suspected Terraform co-founder arrested in Montenegro: police - 1

jwc@yna.co.kr
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