The disgraced founding father of embattled stablecoin issuer Terra (LUNA) has reportedly been arrested in Montenegro after months of being on the run.
In accordance with a brand new report by native Korean media outlet Yonhap Information Company, former Terra chief govt Do Kwon has been apprehended by authorities within the Balkan nation.
Although the police recognized Kwon by means of his photograph ID, they’re presently awaiting the outcomes of a fingerprint scan to verify that the individual they arrested was actually Kwon. One in every of Kwon’s associates was additionally reportedly arrested on the time.
Kwon has been on the run for months after being charged with crimes by each the U.S. Securities and Alternate Fee (SEC) and South Korean authorities for allegedly masterminding a multibillion-dollar fraud scheme.
The SEC accuses Kwon of illegally elevating billions of {dollars} by mendacity to traders concerning the stability of Terra’s now-defunct algorithmic stablecoin, TerraUSD, in addition to mendacity to traders {that a} fashionable Korean cellular funds app used LUNA’s blockchain to settle its transactions.
Final month, South Korean authorities, who’ve been looking Kwon since issuing a warrant for his arrest final September, had been in a position to hint Kwon’s location to Serbia, one other nation within the Balkans, finally resulting in his arrest in Montenegro.
The Terra ecosystem initially collapsed in Might 2022 after the mission’s native asset and its stablecoin plummeted to basically zero, wiping out practically $60 billion in only a few days.
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