BREAKING: Luna Founder Do Kwon Reportedly Arrested In Montenegro

Per a report from Bankless, Terra (LUNA) co-founder Do Kwon was allegedly arrested in the region of Podgorica, Montenegro. South Korean authorities and the International Criminal Police Organization (Interpol) were on the hunt for Kwon for his alleged involvement in the collapse of the Terra ecosystem.

Crypto’s Most Wanted Falls, Do Kwon Finally Under Police Custody?

According to the report, Do Kwon was allegedly detained at the country’s airport. The crypto founder had falsified documents.

LUNA’s price trends to the downside on the daily chart. Source: LUNAUSDT Tradingview

As Bitcoinist reported in February, South Korean authorities chased Kwon from several countries in Asia and then Europe. The crypto founder moved from Singapore as authorities in the country joined the manhunt.

The South Korean law enforcement delegation requested assistance from the Serbian government. These efforts finally led to his alleged capture in the neighboring country of Montenegro. Do Kwon lived in Serbia since December 2022.

As the news developed, Filip Adzic, Minister of Interior Montenegro, confirmed the operation and subsequent capture. Via his official Twitter account, Adzic wrote:

Montenegrin police have arrested a person suspected to be one of the most wanted fugitives, a South Korean citizen named Do Kwon, co-founder and CEO of Terraform Labs based in Singapore. The former “king of cryptocurrencies”, who is responsible for losses of over $40 billion, was detained at Podgorica airport with fake documents and is sought by South Korea, the United States, and Singapore. We are waiting for official confirmation of the identity.

On several occasions, Kwon denied that he was on the run, denied the charges against him, and his participation in a fraudulent scheme involving LUNA and algorithmic stablecoin UST.

In September 2022, Kwon stated via Twitter:

I am not “on the run” or anything similar – for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide. We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high bar of integrity, and look forward to clarifying the truth over the next few months.