After months on the run, the 31-year-old, whose full name is Kwon Do-hyung, was arrested Thursday in Montenegro after being caught trying to catch a flight using fake Costa Rican travel documents.He is accused of fraud over the dramatic implosion last year of his company Terraform Labs, which wiped out about $40 billion of investors' money and shook global crypto markets.
Forbes wrote that Kwon's 'price-stable cryptocurrency, or stablecoin, attracted 40 million users to work with the company at launch in January 2018'.'With the aim of building a blockchain-based payment system, Terra has raised $32 million from crypto-giants such as Binance,' it said.S. Korean Elizabeth HolmesBut experts had long warned Kwon's model was fundamentally flawed, with some outright calling it a Ponzi scheme.
Source: News Formal (newsformal.com)
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