The fall of Terra and Do Kwon has been one of the most catastrophic events to happen in 2022. The downfall of Terra sent ripples across the cryptocurrency industry, causing several other businesses to collapse. It has also been one of the triggering factors for the falling cryptocurrency prices in 2022.
While the whereabouts of Kwon have been unknown to the public, there has been a major revelation regarding Do Kwon. According to the latest details shared by Filip Adzic, the minister of the interior of Montenegro, Do Kwon has reportedly been arrested in Montenegro.
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.
— Filip Adzic (@filip_adzic) March 23, 2023
Do Kwon was captured with falsified documents
According to the details from Adzic, Kwon, was captured in Podgorica, Montenegro along with falsified documents at the airport. He also stated that they are waiting on confirmation of official identity.
Adzic mentioned in his tweet:
“Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon.”
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Do Kwon has been subject to multiple investigations and was even placed on Interpol’s red notice following the collapse of Terra’s stablecoin, terraUSD (UST), and its associated ecosystem worth $40 billion. This event caused a significant disruption in the cryptocurrency markets.
Kwon has been one of the most wanted personalities as he was held accountable for the downfall of the Terra ecosystem. The downfall of LUNA had also caused losses for millions. Following the news of Kwon’s arrest, Terra (LUNA) dropped by 10% according to CoinMarketCap data.