One of the world's most wanted fugitives arrested in Podgorica

(Patria) - South Korean citizen Kwon Do-hyung, better known as Do Kwon, the "king of cryptocurrencies" and one of the world's most wanted fugitives, was arrested today in Podgorica on an Interpol warrant, Pobjeda has learned.

The Korean was arrested at Podgorica airport with false documents. He is wanted by the United States, South Korea, and Singapore. If his identity is confirmed, he will be ordered into extradition detention.

The arrest was confirmed by the Minister of Internal Affairs of Montenegro, Filip Adžić, in a post on the social network Twitter.

The former "king of cryptocurrencies" is behind various schemes that resulted in losses of around 40 billion US dollars.

"The former 'king of cryptocurrencies', who is behind losses exceeding 40 billion dollars, was deprived of his liberty at Podgorica airport with forged documents, and is wanted by South Korea, the USA, and Singapore. We are awaiting official confirmation of his identity," Adžić wrote on Twitter.

Do Kwon is the co-founder and CEO of Terraform Labs, based in Singapore, the parent company of the collapsed stablecoin TerraUSD and cryptocurrency Luna.

TerraUSD and Luna collapsed in May 2022, wiping out nearly $45 billion in market capitalization in just one week and causing hundreds of billions in losses in the broader crypto market.

Kwon faces charges of being responsible for the enormous losses suffered by clients who are taking legal action against him in South Korea, Singapore, and the United States.

In January 2016, Kwon founded his startup Anyfi. He is the co-founder of Terraform Labs Pte. along with American entrepreneur Daniel Sheen.

In early 2018, Terraform Labs released a cryptocurrency called Luna, then Terra, and began selling its "stablecoin." However, it was blocked two years later.

After the collapse of sister currencies Luna and TerraUSD in May 2022, Terraform Labs began trading a new cryptocurrency called Luna 2.0 in June 2022.

However, the issuance of Luna 2.0, now called LUNA on trading platforms, caused investor rejection.

Interpol has been searching for Do Kwon for almost a year.