Minister Philip Adjic announced on Twitter that “Montenegro police have arrested a suspected fugitive who is one of the most wanted fugitives in the world,” South Korean Do Kwon, one of the founding partners of Terraform Labs and its CEO..
The suspect was arrested at the airport in the capital, Podgorica, in possession of “falsified documents.”“.
“We are awaiting official confirmation of his identity“.
In mid-February, the US Securities and Exchange Commission charged Do Kwon with “managing a fraud involving billions of dollars in crypto assets.”“.
Do Kwon and the International Red Notice
- In September, the International Criminal Police “Interpol” issued a red notice to determine his whereabouts, at the request of the Public Prosecutor in South Korea. The Public Prosecution Office had asked the South Korean Ministry of Foreign Affairs to cancel his passport, confirming that Do Kwon was a “fugitive.”“.
- The deterioration of Terraform Labs and the collapse of the cryptocurrency Terra last year led to the loss of investors about $ 40 billion, which caused major turmoil in the global markets for cryptocurrencies..
- Terraform Labs has introduced the cryptocurrency Terra, which has been described as a stablecoin.
- In principle, the value of a stablecoin is usually backed by traditional currency or tangible assets, ensuring investors more stability in the highly volatile world of cryptocurrencies..
But the stability of some of these cryptocurrencies is not guaranteed by currency reserves, but rather by algorithms that evaluate based on supply and demand for other cryptocurrencies, and he had to put “Terra”.
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