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Fugitive Do Kwon Gets Arrested in Montenegro

Terraform Labs CEO Do Kwon has been charged with eight counts of fraud by U.S. prosecutors, including securities fraud and market manipulation. In addition to these charges, Kwon is also facing criminal charges in Montenegro for document forgery. Recently apprehended in Montenegro, Kwon was caught attempting to board a flight to Dubai using a fake Costa Rican passport, as well as South Korean and Belgian travel documents. 

The DOJ Files Complaint Against Do Kwon

Yesterday, the United States Department of Justice charged Terra founder Do Kwon with eight different counts of fraud, according to Bloomberg. These charges include conspiracy to defraud, two counts of commodities fraud, two counts of securities fraud, two counts of wire fraud, and engaging in market manipulation. The DOJ is now looking to extradite Do Kwon to the U.S. for these charges.

Kwon’s Arrest and Charges in Montenegro

The announcement of Do Kwon’s arrest was made on Twitter by Filip Adžić, Minister of Internal Affairs in Montenegro, stating that the police had arrested “a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon.”

Kwon’s identity was later confirmed by the South Korean authorities thanks to photos and fingerprints held on file by the authorities in his home country. In addition to the charges brought against him by U.S. prosecutors, Kwon is now facing criminal charges for forgery. He is appearing today at Podgorica’s Higher Court for an extradition request hearing. As he is wanted in both the United States and South Korea, we have yet to see which country will be able to extradite him so that he faces the charges held against him. However, his arrest in Montenegro follows the arrest warrant issued by South Korean authorities.

Kwon’s Prior Statements and Red Notice

Prior to his capture, Kwon had repeatedly stated that he was “not on the run,” despite Interpol issuing a red notice for him in September, which effectively made him a wanted man in 195 different nations. Kwon’s legal troubles have continued to worsen since his red notice, and his recent arrest in Montenegro marks a significant turn of events for the Terraform Labs CEO.


In conclusion, Do Kwon’s legal troubles have continued to escalate, with U.S. prosecutors charging him with eight counts of fraud, and his recent arrest in Montenegro. Kwon’s extradition to the United States is being sought by the DOJ, and he is also facing criminal charges in Montenegro for document forgery. The future remains uncertain for the Terraform Labs CEO, and his case continues to draw international attention.


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