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Terra Founder Do Kwon's Arrest Confirmed by Korean Officials

Thu, 03/23/2023 - 15:02
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Alex Dovbnya
After rumors circulated earlier in day that man believed to be Do Kwon had been apprehended in Montenegro, South Korean officials have now confirmed that Kwon was indeed taken into custody there
Terra Founder Do Kwon's Arrest Confirmed by Korean Officials
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South Korean officials have confirmed the arrest of Terra founder Do Kwon, a central figure in the Terra-Luna coin scandal, according to a report by Yonhap.

Prior to that, Filip Adzic, Montenegro's interior minister, tweeted that a person believed to be Do Kwon was arrested in Montenegro.

The police were working to verify his identity through fingerprint analysis.

A police official reported that the individual in custody had a passport matching Kwon's name and age, adding that photographic evidence also pointed to a match with the fugitive crypto entrepreneur.

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Kwon has been accused of violating South Korea's financial laws following the collapse of the TerraUSD stablecoin and Luna token that sent shockwaves across the crypto market last May.

Seoul prosecutors issued an arrest warrant for Kwon back in September. Shortly after that, the controversial entrepreneur was also slapped with a red notice by Interpol.

Notably, Kwon repeatedly attempted to downplay the gravity of his predicament, insisting that he was not on the run despite refusing to reveal his location.

In November, the Seoul Southern District Prosecutors' Office found out that Kwon had fled to Serbia.

The Serbian authorities have been cooperating in the search for Kwon despite the fact that the two countries have no extradition treaty.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at