Do Kwon, the Terraform Labs co-founder wanted in the U.S. and South Korea for last year’s $40 billion Terra UST/Luna implosion, was detained in Montenegro after being on the run for nearly a year.
Police said in a statement that the fugitive was trying to fly to Dubai using a forged Costa Rican passport and a separate Belgian passport in his luggage.
Hours after his arrest, federal prosecutors in the Southern District of New York announced they were charging Kwon with conspiracy to defraud, commodities fraud, securities fraud, wire fraud, and conspiracy to engage in market manipulation whilst asking for his extradition to the United States.
Last month, the S.E.C. charged Kwon with masterminding “a multibillion-dollar crypto asset securities fraud.”
The question now is whether Kwon will now be extradited to the U.S. or to South Korea.