Terraform Labs co-founder Do Kwon was arrested in Montenegro last week. Kwon and his chief financial officer, Hon Chang Joon, entered the country illegally and attempted to fly to Dubai with forged travel documents. This arrest came in connection with the TerraUST and Luna cryptocurrency scam that shook the crypto world last spring and raked in at least $40 billion.
Kwon was surprised because he didn’t get any VIP service
In an interview with Interior Minister Filip Adzic in Podgorica, he revealed that Kwon and Joon were surprised they didn’t get the VIP treatment they were used to in Montenegro. Kwon had been in hiding from South Korean authorities for months before being apprehended by authorities in Montenegro.
Before his arrest last week, Minister Adzic claimed his ministry had received information that Kwon and one other person might be in the country. A further check revealed that Kwon holds fake Costa Rican, Belgian and South Korean passports in a different name.
Last spring, Terraform’s TerraUSD stablecoin collapsed, causing chaos and uncertainty in the crypto world. The project, designed as a safe haven from the volatility of other cryptocurrencies, was intended to maintain a constant value of $1 through a complex mix of algorithms and trader incentives. However, both sister token Luna and TerraUSD faltered as confidence in Kwon’s project dwindled during a few chaotic days in May.
Do Kwon and Hon Chang Joon are now expected to face trial in Montenegro, where they will face charges of entering the country illegally and using forged documents. South Korean authorities are also likely to seek extradition to hold Kwon accountable for the cryptocurrency fraud. In addition to the fake passports, three laptops and five mobile phones were also confiscated by the authorities. Adzic said they found a significant amount of interesting information, but declined to comment further.
Kwon is currently in medical quarantine in Montenegro. Rade Vojvodic, the head of the Montenegrin correctional facility, stated that Kwon will stay until April 3 to rule out infection with the coronavirus. During this time, Kwon is only allowed to be visited by his lawyer or doctor. The prison official said that Kwon was in good health and had no special requests. The facility that houses Kwon is located in Spuz, a small town north of the capital Podgorica.
The US Attorney’s Office and South Korea have announced that they will seek the extradition of Do Kwon to face criminal charges. To date, Montenegro has not received a formal extradition request.
Great luxury on the run
Terraform Labs founder Do Kwon reportedly chartered a Bombardier Challenger 605 private jet last week to flee Montenegro. This has drawn media and regulatory attention as Kwon is wanted for his alleged involvement in a criminal network recently dismantled by US authorities.
However, there are many questions arising from this incident. For example, it’s unclear who leased the jet and how it was paid for. It’s also interesting to learn that the Challenger, which Kwon leased, is said to be one of the most comfortable and luxurious aircraft in its class.
It’s also unclear how Kwon managed to remain undetected in Europe for so long, and how he was able to move around freely enough to charter a private jet. Overall, this incident raises many questions and will certainly continue to be investigated by the media and authorities. It remains to be seen what further investigations into this matter will reveal.
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