Terraform Labs Co-Founder Do Kwon Arrested in Montenegro, Says Interior Minister

According to Montenegro’s interior minister Filip Adzic, Terraform Labs co-founder Do Kwon was apprehended at Podgorica airport allegedly bearing falsified documentation. Adzic added that investigators are “waiting for official confirmation of his identity” after Montenegrin police detained the accused suspect.

*Editor’s Note: This article was edited with an extra paragraph at 2 p.m. (ET) to reflect commentary from the South Korean police, as reported by local news publication Yonhap.

Terraform Labs co-founder Do Kwon has reportedly been arrested in Montenegro, according to the country’s interior minister Filip Adzic. The Montenegrin official shared two tweets on Thursday just before 9 a.m. Eastern Time.

“In Podgorica, one of the most wanted world fugitives was arrested,” Adzic stated. “Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder and CEO of Terraform Labs based in Singapore,” the interior minister added.

Do Kwon, who was recently sued by the U.S. Securities and Exchange Commission and his firm Terraform Labs, has reportedly been hiding for some time. Some suspected Kwon was hiding in Singapore, while others thought the Terraform Labs CEO was in Dubai. Some reports suggested Kwon was in Serbia. The SEC accuses Kwon and Terraform Labs of committing a multibillion-dollar fraud operation and selling unregistered securities.

“The former ‘king of cryptocurrencies’, who is behind losses greater than 40 billion dollars, was detained at Podgorica airport with forged documents and is sought by South Korea, the United States, and Singapore,” Adzic further explained on Twitter. “We are waiting for official confirmation of identity,” the Montenegrin politician added.

The Montenegrin government and interior minister Filip Adzic have yet to confirm the true identity of the arrested individual. This story is still developing and will be updated with any official confirmations of the identity of the person detained in Montenegro.

According to the South Korean news publication Yonhap, the National Police Agency has “requested fingerprint information” from Montenegro authorities. Yonhap quotes the police as saying, “We checked the age, nationality, and name with the identification card the person had, and confirmed that he was the same person as CEO Kwon with photo data.”

What are your thoughts on the recent arrest of Terraform Labs co-founder Do Kwon in Montenegro? Share your opinions in the comments section below.