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Reading: Terra (LUNA) Founder Do Kwon Arrested in Montenegro
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Cryptodetective > Blog > News > Cryptocurrency News > Terra (LUNA) Founder Do Kwon Arrested in Montenegro
Cryptocurrency News

Terra (LUNA) Founder Do Kwon Arrested in Montenegro

crypto
Last updated: 2023/03/25 at 12:25 PM
crypto Published March 25, 2023
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The infamous founder of the Terra (LUNA) ecosystem, Do Kwon, has reportedly been apprehended in Montenegro. Kwon allegedly attempted to leave the country using forged documents, as announced by the nation’s Minister of the Interior in a tweet.

Contents
The Capture of Do KwonDetails of the arrestMontenegrin authorities’ involvementTerra (LUNA) Ecosystem and Its Controversial CollapseLUNA and UST overviewThe $60 billion lossLegal consequences for KwonThe International Manhunt for Do KwonSouth Korean authorities’ effortsInterpol’s involvementThe search in SerbiaImplications for Terra (LUNA) and the Crypto IndustryThe future of Terra (LUNA)Impact on investorsRegulatory concerns and actionsFAQsWhat is Terra (LUNA)?Why was Do Kwon arrested?What happened to the Terra (LUNA) ecosystem?What does Do Kwon’s arrest mean for Terra (LUNA) and its investors?How might this case impact the cryptocurrency industry?

U PODGORICI UHAPŠEN JEDAN OD NAJTRAŽENIJIH SVJETSKIH BJEGUNACA

Crnogrska policija lišila je slobode lice za koje se sumnja da je jedan od najtraženijih bjegunaca, južnokorejski državljanin Do Kwon, suosnivač i izvršni direktor Terraform Labs sa sjedištem u Singapuru.
1/2

— Filip Adzic (@filip_adzic) March 23, 2023
ONE OF THE WORLD’S MOST WANTED FUGITIVES WAS ARRESTED IN PODGORICA Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon, co-founder and CEO of Singapore-based Terraform Labs. 1/2

Nekadašnji “kralj kriptovaluta”, koji stoji iza gubitaka većih od 40 milijardi dolara, lišen je slobode na podgoričkom aerodromu sa falsifikovanim dokumentima, a istog potražuju Južna Koreja, SAD i Singapur.

Čekamo zvaničnu potvrdu identiteta.
2/2

— Filip Adzic (@filip_adzic) March 23, 2023
The former “cryptocurrency king”, who is behind losses of more than 40 billion dollars, was detained at the Podgorica airport with falsified documents, and South Korea, the USA and Singapore are demanding the same. We are waiting for official confirmation of identity. 2/2

The Capture of Do Kwon

Details of the arrest

The Minister of the Interior, Filip Adzic, revealed in a tweet that “one of the world’s most wanted fugitives was arrested in Podgorica,” the capital of Montenegro. It is said that Kwon used forged documents in an attempt to leave the country.

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Montenegrin authorities’ involvement

Montenegrin police detained a person suspected of being one of the most wanted fugitives, South Korean Do Kwon, co-founder and CEO of Singapore-based Terraform Labs. Official confirmation of Kwon’s identity is still pending. However, it is highly likely, as the Korean National Police indicate that based on the name, age, and other data on the ID card he carried, it is indeed Do Kwon.

Terra (LUNA) Ecosystem and Its Controversial Collapse

LUNA and UST overview

Kwon is the mastermind behind the Terra network, along with its associated stablecoin UST and cryptocurrency LUNA.

The $60 billion loss

The ecosystem experienced a total crash last year, resulting in a loss of more than $60 billion in value.

Legal consequences for Kwon

Since the collapse, the Korean police have been pursuing Kwon, and an arrest warrant was issued in September last year. Kwon is suspected of violating multiple capital market laws.

The International Manhunt for Do Kwon

South Korean authorities’ efforts

Rumors circulated for some time that the founder of the network was hiding in Serbia. These rumors had enough substance for a group of South Koreans to travel to Serbia with the goal of apprehending Kwon.

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Interpol’s involvement

Eventually, Kwon even made it onto Interpol’s wanted list.

The search in Serbia

It turns out they were not far off, as it has now been confirmed that Kwon was arrested in Montenegro, a neighboring country of Serbia.

Implications for Terra (LUNA) and the Crypto Industry

The future of Terra (LUNA)

The arrest of Do Kwon raises questions about the future of the Terra (LUNA) ecosystem

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and its potential revival or further decline. With its creator in custody, it remains uncertain whether the project will find new leadership or eventually be abandoned.

Impact on investors

The collapse of the Terra (LUNA) ecosystem and the subsequent arrest of its founder are likely to have shaken investor confidence. Those who suffered losses during the crash may face further uncertainty as they wait to see if any restitution is made or if the project can be salvaged.

Regulatory concerns and actions

The case of Do Kwon and Terra (LUNA) highlights the need for stronger regulations and oversight in the cryptocurrency industry. Governments and regulatory agencies may use this incident as a catalyst for implementing stricter rules to protect investors and prevent similar situations from occurring in the future.

The arrest of Terra (LUNA) founder Do Kwon in Montenegro marks a significant development in the story of the Terra (LUNA) ecosystem’s collapse. With a total loss of over $60 billion, the incident has had serious consequences for investors and the broader crypto community. As the legal process unfolds, the future of Terra (LUNA) remains uncertain, and the impact of this case on the industry as a whole could lead to increased regulatory scrutiny.

FAQs

What is Terra (LUNA)?

Terra (LUNA) is a cryptocurrency ecosystem that included a stablecoin (UST) and its native token (LUNA). The platform aimed to provide a stable and scalable solution for decentralized finance applications.

Why was Do Kwon arrested?

Do Kwon was arrested in Montenegro after allegedly attempting to leave the country using forged documents. He is wanted by South Korean authorities for his involvement in the collapse of the Terra (LUNA) ecosystem and is suspected of violating multiple capital market laws.

What happened to the Terra (LUNA) ecosystem?

The Terra (LUNA) ecosystem experienced a total crash last year, which led to a loss of more than $60 billion in value. The project’s collapse has been attributed to mismanagement and potential illegal activities by its founder, Do Kwon.

What does Do Kwon’s arrest mean for Terra (LUNA) and its investors?

The arrest of Do Kwon raises questions about the future of the Terra (LUNA) ecosystem and its potential for recovery. Investors who experienced losses due to the crash may face further uncertainty regarding restitution or the salvageability of the project.

How might this case impact the cryptocurrency industry?

The case of Do Kwon and Terra (LUNA) highlights the need for stronger regulations and oversight in the cryptocurrency industry. Governments and regulatory agencies may use this incident as a catalyst for implementing stricter rules to protect investors and prevent similar situations from occurring in the future.

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TAGGED: arrest, crypto regulation, cryptocurrency, Do Kwon, Interpol, investor protection, LUNA, Montenegro, Serbia, South Korea, stablecoin, Terra, UST

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