The disgraced founding father of embattled stablecoin issuer Terra (LUNA) has reportedly been arrested in Montenegro after months of being on the run.
In keeping with a brand new report by native Korean media outlet Yonhap Information Company, former Terra chief government Do Kwon has been apprehended by authorities within the Balkan nation.
Although the police recognized Kwon by way of his picture ID, they’re at the moment awaiting the outcomes of a fingerprint scan to verify that the individual they arrested was in reality 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 buyers concerning the stability of Terra’s now-defunct algorithmic stablecoin, TerraUSD, in addition to mendacity to buyers {that a} standard Korean cellular funds app used LUNA’s blockchain to settle its transactions.
Final month, South Korean authorities, who’ve been searching 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, in the end resulting in his arrest in Montenegro.
The Terra ecosystem initially collapsed in Could 2022 after the venture’s native asset and its stablecoin plummeted to primarily zero, wiping out practically $60 billion in just some days.
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