Crypto Fugitive Do Kwon Arrested in Montenegro

A man suspected of being Do Kwon, the South Korean cryptocurrency entrepreneur accused of orchestrating a multi-billion-dollar fraud that shook global crypto markets last year, has been arrested in Montenegro. Kwon and five others connected to Terraform are wanted for fraud and the implosion of its digital currencies in May 2022. TerraUSD was designed as a “stablecoin”, which is pegged to stable assets like the dollar to prevent drastic fluctuations in prices. Many investors lost their life savings when Luna and Terra entered a death spiral, and South Korean authorities had opened multiple criminal probes into the crash.