At the moment, law enforcement officers are waiting for official confirmation of identity

​TFL head Do Kwon arrested in Montenegro

23.03.2023 - 14:35


3 min

What’s new? Montenegrin police detained in the city of Podgorica a citizen of South Korea, co-founder and founder of Terraform Labs (TFL) Do Kwon. Montenegro’s Interior Minister Filip Adzic announced this on Twitter.

What else is known? According to the minister, the “former ‘cryptocurrency king’ who is behind over $40 billion in losses” was detained at Podgorica airport with fake documents. Law enforcement officers are currently awaiting official confirmation of Do Kwon’s identity.

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More details about the situation with TFL. Kwon has been wanted by South Korean authorities and Interpol since last September. Kwon is believed to have left Korea a month before the Terra ecosystem collapsed in May 2022 and headed to Singapore, where he was also later sued collectively by the project’s investors.

As of the end of the year, Kwon was in Serbia and Korean authorities were negotiating his extradition. In February 2023, Singapore authorities launched their own investigation into TFL, confirming that the suspect was outside the country. The entrepreneur himself has repeatedly stated that he is not hiding from the authorities, and they did not attempt to contact him.

US authorities were also interested in TFL’s activities. On February 16, the Securities and Exchange Commission (SEC) filed a lawsuit against the company and Kwon for “orchestrating a multi-billion dollar crypto asset securities fraud” and in March 2023 the Department of Justice began to investigate the incident.


Michael Golikov Michael Golikov

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