Terraform Labs boss arrested

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Updated March 24, 2023 | Published March 24, 2023

2 mins read

Do Kwon has been hiding since September when South Korean prosecutors issued a warrant for his arrest.

The missing founder of collapsed crypto company Terraform Labs, Do Kwon, has finally been apprehended in Montenegro.

It comes after Interpol issued a warrant for his arrest and spent more than six months looking for him. He was last reported to be hiding in Serbia.

Kwon is wanted in both South Korea and the US. An Interpol Red Notice took the manhunt international after he slipped South Korean prosecutors last year. Ever since going into hiding, Kwon has insisted that he was not hiding, but expecting a fair trial.

The collapse of Terraform Labs and the TerraUSD stablecoin triggered widespread market depression and a chain-reaction of bankruptcies in the sector.

During his exile, Kwon gave a few interviews in which he argued that the collapses were the result of a business venture failing and not a premediated act to defraud investors.

Regardless, authorities in the US and South Korea have been determined to arrest him. The TerraUSD stablecoin collapse wiped $40bn worth of crypto from the market, costing investors dearly.

Retail investors were the ones to bear the brunt of the collapse, leading to a global outrage. Commenting on Kwon’s arrest, Montenegrin internal affairs minister Filip Adžić said that Kwon was apprehended at the airport and that he had been using forged documents to go undetected.

Kwon is also wanted in Singapore, and South Korea in particular wants to bring the man to justice under breaches of its capital markets laws.

The US has called TerraUSD an outright scam, arguing that the $1 price point that the stablecoin was supposed to retain was never backed up by capital, thus suppressing its value and inflicting billions worth of damages to retail consumers.

Not all is bad, though, as the collapse of TerraUSD ended up exposing deeper market flows, including the way FTX ran its own operations, with around $8bn of consumer funds allegedly misused by Sam Bankman-Fried, its founder and former chief executive.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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