Crypto Fugitive Do Kwon CAUGHT: Terra Luna Founder Reportedly Captured In Montenegro

The future of the video gaming industry could be shaped by Play to Earn games (P2E) built on blockchain technology. Learn about P2E games and why they might disrupt the traditional gaming business model.

Minister of the Interior of Montenegro, Filip Adzic, on Thursday, announced the arrest of an individual suspected to be Do Kwon, co-founder of Terra Luna
LUNA/USD
+ Free Alerts
, within the Balkan nation’s borders.

Local news outlet Vijesti later confirmed the tweet’s authenticity and that the arrested person was a South Korean national.

“The former ‘crypto king,’ responsible for losses exceeding $40 billion, was arrested at Podgorica airport with fake documents,” stated Adzic.

“He is wanted by South Korea, the United States, and Singapore. We are waiting for official confirmation of his identity,” the minister further said.

Since December 2022, South Korean prosecutors have been alleging that Kwon was hiding in Serbia, which has no extradition agreement with South Korea.

On Sep. 26, last year, an Interpol red notice was issued for his arrest due to his alleged role in the collapse of the $40 billion Terra Luna and Terra USD ecosystem in May 2022.

Kwon is also wanted by regulatory authorities in South Korea, Singapore, and the United States.

The arrest took place in Montenegro, which is geographically located south of Serbia and shares borders with the country.

The investigation is ongoing, and more details are expected to emerge in due course.

Terra blockchain’s native Luna tokens fell 4.12% following reports of Kwon’s arrest, however, Luna Classic