Do Kwon, the previous CEO of Terraform Labs, whose stablecoin TerraUSD crashed final yr, has reportedly been billed with fraud by the U.S. just after remaining arrested Thursday early morning in Montenegro.
The Wall Road Journal and Blomberg News claimed late Thursday that Kwon was charged by federal prosecutors in Manhattan with eight counts, such as securities fraud, commodities fraud and wire fraud and conspiracy.
Kwon experienced been an intercontinental fugitive right after dropping out of sight final fall following his native South Korea issued a warrant for his arrest.
Kwon’s arrest was announced Thursday morning by Filip Adzec, Montenegro’s Minister of Interior, in a tweet: “The previous ‘cryptocurrency king,’ who is behind losses of extra than $40 billion, was detained at the Podgorica airport with falsified documents, and the similar is claimed by South Korea, the United states of america and Singapore.”
Adzec included in one more tweet that “one of the world’s most needed fugitives was arrested in Podgorica,” declaring that Montenegrin police have “detained a person suspected of being just one of the most required fugitives, South Korean citizen Do Kwon.”
In February, the U.S. Securities and Exchange Fee accused the Singapore-dependent Terraform Labs and CEO of fraud. The assertion from the SEC alleged that Terraform and Kwon misled and deceived traders whilst advertising the Luna token, a cryptocurrency that crashed in Might 2022 and established off a catastrophic ripple outcome across the crypto field.
