On Thursday, March 23rd, Montenegrin police arrested a man suspected of being Do Kwon, the fugitive South Korean CEO of Singapore-based Terraform Labs. Kwon is accused of orchestrating a multi-billion-dollar fraud involving TerraUSD and Luna currencies that shook global crypto markets last year. The arrest was announced by Montenegrin Interior Minister Filip Adžić, who tweeted late on Thursday, “Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen, co-founder and CEO of Singapore-based Terraform Labs.” Kwon is accused of fraudulently raising over $3 billion from investors in the TerraUSD and Luna currencies. The currencies were created by Terraform Labs, a Singapore-based cryptocurrency company founded by Kwon in 2018. The fraud was discovered in December 2020, when the U.S. Securities and Exchange Commission (SEC) filed a complaint against Kwon and Terraform Labs. The SEC alleged that Kwon had misled investors by claiming that the TerraUSD and Luna currencies were backed by real assets, when in fact they were not. The SEC also alleged that Kwon had used the funds raised from investors to purchase luxury cars, real estate, and other personal items. Kwon had been on the run since the fraud was discovered, and had been wanted by Interpol since January 2021. Kwon’s arrest is a major victory for the SEC and Interpol, and a reminder to investors to be wary of fraudulent cryptocurrency schemes. Sources: The Guardian. (2023, March 23). Man suspected of being crypto fugitive Do Kwon arrested in Montenegro. Retrieved from https://www.theguardian.com/world/2023/mar/23/man-suspected-of-being-crypto-fugitive-do-kwon-arrested-in-montenegro U.S. Securities and Exchange Commission. (2020, December 17). SEC Charges Singapore-Based Crypto Company and Its Founder with Fraud. Retrieved from https://www.sec.gov/news/press-release/2020-312