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.
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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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.