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Updated: Jun 8

The cryptocurrency villain behind the 40 Billion dollar market crash was arrested in Montenegro.

Earlier this year, US regulators accused Do Kwon and Terraforms Labs of being the mastermind behind orchestrating multi-billion dollar securities fraud.

South Korea issued an arrest warrant last September as they believe Terra Form Labs have violated the capital market rules.

Do Kwon, the crypto fugitive behind Terra Luna and UST, was caught at Podgorica Airport in Montenegro while travelling with forged documents. The news of the arrest was first made public by Montenegro's interior minister Filip Adzic on Twitter. Mr Adzic added that the suspect was travelling with a false name and counterfeit documents. The authorities were waiting for an official confirmation. According to Montenegrin police, the forged documents' origin can be traced back to Costa Rice and Belgium. Do Kwon's legal team is seeking to appeal 30-day detention extension.

On Friday, the South Korean police confirmed the suspect was Do Kwon as the fingerprints matched with official records.

Do Kwon has been separately charged with 4 counts of Fraud by US prosecutors.

Montenegro does not have extradition treaties with South Korea and the US.


Redman, J. (2023) Report: Terra co-founder do kwon plans to appeal detention extension after arrest in Montenegro, Bitcoin News. Available at: (Accessed: March 29, 2023).

Annabelle Liang, G.D.& N.S. (2023) Do kwon: Fugitive 'cryptocrash' boss arrested in Montenegro, BBC News. BBC. Available at: (Accessed: March 29, 2023).

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