Do Kwon, a prominent crypto founder who was behind two digital currencies that crashed last year, has been arrested in Montenegro, capping a months-long search for the entrepreneur who lost the faith of many investors after last year’s crypto meltdown.
But Thursday brought new details of his whereabouts. Montenegro’s Interior Ministry said it “apprehended” Kwon and brought him and a fellow South Korean citizen to a prosecutor’s office in the capital city on charges of document forgery. South Korea had reportedly asked Interpol to issue a “red notice,” allowing other countries to provisionally arrest Kwon.Kwon’s arrest comes as the cryptocurrency market remains battered.
last spring when Luna crashed and sparked broader crypto market turmoil that saw other firms collapse. The so-calleddeepened in November when FTX, a crypto exchange, went bankrupt, and its founder, Sam Bankman-Fried, was later charged with fraud. Since then, other firms and crypto boosters have faced regulatory pressure, including the crypto exchange Kraken, which in February agreed to stop selling certain assets and pay a, including professional boxer Jake Paul and actress Lindsay Lohan, accusing them of failing to disclose their compensation for the promotions.Both Terra and Luna took off among crypto enthusiasts and multiplied in value before ultimately crashing last year.
Before the crash, Kwon was well regarded, while his fans called themselves “Lunatics” after his token. He graduated from Stanford University and briefly worked for Apple before founding several crypto projects, including Luna. Kwon’s case has been watched closely as governments around the world weigh how to prosecute cases involving cryptocurrency and how aggressively to pursue the entrepreneurs behind the coins. Among them is FTX founder Bankman-Fried, who is under house arrest pending a slew of civil and criminal charges brought against him by government agencies.
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