Do Kwon, the founder of Terra, was arrested in Podgorica, Montenegro when he was at the airport. He is considered to be one of the world’s most wanted fugitives.

According to reports, “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. 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.”

Also Read | What happens if Donald Trump gets arrested?

Who is Do Kwon?

Kwon Do-Hyung is more commonly known as Do Kwon. He is the South Korean co-founder and CEO of Singapore-based Terraform Labs, the parent company of crashed stablecoin TerraUSD and cryptocurrency Luna. Both companies collapsed in May 2022, which wiped out almost $45 billion in market capitalization in one week. This caused hundreds of billions in losses in the larger crypto market.

The Teraa crash put Kwon in the middle of a legal battle. Jurisdictions — including South Korea, Singapore, and the United States — are taking legal action against Kwon.

Also Read | Will Donald Trump be arrested on Tuesday? Former President reacts

According to his tweet on 6 September 2021, Do Kwon was born in Seoul, South Korea, on that same day in 1991. He attended high school at Daewon Foreign Language High School in South Korea.

Do Kwon co-founded Terraform Labs Pte. Ltd. in January 2018 with entrepreneur Daniel Shin. In the same year, Terraform Labs released a cryptocurrency called Luna. In 2020, Terraform began selling its stablecoin, TerraUSD (UST). Two years later, the U.S. Securities and Exchange Commission (SEC) began an investigation of Terraform Labs to determine if the marketing of the TerraUSD stablecoin violated federal regulations. In February 2023, the SEC charged Kwon and Terraform Labs with fraud.

Also Read | Who is James ‘Matt’ French? Oklahoma police captain arrested for drunk driving

Beginning on May 9, 2022, Terraform Labs made headlines after UST started to break its peg to the US dollar. Over the next week, the price of UST plunged to 10 cents, while Luna fell from $119.51 to “virtually zero.” In the span of one week, the collapse wiped out almost $45 billion of market capitalization in one week. The crash contributed to hundreds of billions of dollars lost across the crypto ecosystem.

Kwon’s daughter’s name is also Luna. He announced her birth in April 2022 by tweeting, “My dearest creation named after my greatest invention.”