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Thursday, June 1, 2023

Terraform Labs founder Do Kwon arrested in Montenegro with fake Costa Rican passport

Terraform Labs founder Do Kwon was arrested at Montenegro’s Podgorica Airport while trying to depart for Dubai using fake Costa Rican passports.

According to Reuters, police “had found forged Costa Rican passports and a separate set of Belgian passports in their luggage during the encounter.”

In addition, during the arrest, the Montenegrin authorities confiscated travel documents, laptops, and phones.

Both South Korea and the United States issued search and arrest warrants for Kwon after accusing him of fraud and violating the market law of his home country.

“Montenegrin police arrested an individual who is believed to be one of the most wanted fugitives, South Korean citizen Do Kwon,” interior minister Filip Adzic confirmed via Twitter.

South Korea’s Justice Ministry confirmed the arrest of Kwon and another unidentified individual. They stated that they would now proceed with steps to extradite both men to South Korea.

In addition, the South Korean prosecutors believed that Kwon was hiding in Serbia, as there was no extradition agreement between both countries. 

Several hours after Kwon was detained, the U.S. District Court in Manhattan charged him on two counts each of securities fraud, wire fraud, commodities fraud, and conspiracy.

The crash of Kwon’s company sent the crypto industry into a crisis and caused a market collapse. The Financial Times reported that Kwon’s legal team did not immediately respond to a request for comment.

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