Key points to remember
- Do Kwon faces new charges in the United States and Montenegro.
- US prosecutors charge him with eight counts of fraud, while Montenegrin police charge him with falsifying documents.
- Kwon was arrested yesterday in Montenegro, at Podgorica airport.
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Do Kwon is accused by US prosecutors of committing commodities fraud, securities fraud, wire fraud and engaging in market manipulation.
Eight counts of fraud
Do Kwon’s legal problems keep getting worse.
Yesterday, the United States Department of Justice filed a complaint against the leader of Terra Do Kwon, charging him with eight different counts of fraud: conspiracy to defraud, two counts of commodities fraud, two counts of securities fraud, two counts of wire fraud and market manipulation . The DOJ is seeking Kwon’s extradition to the United States, according to CoinDesk.
Kwon was apprehended yesterday in Montenegro, at Podgorica airport. Local media reported that the CEO of Terraform Labs was trying to board a flight to Dubai using a fake Costa Rican passport. He was also carrying South Korean and Belgian travel documents.
Kwon’s arrest was made public by Montenegrin Interior Minister Filip Adžić, who announced on Twitter that Montenegrin police had arrested “a person suspected of being one of the most wanted fugitives, the citizen South Korean Do Kwon”. South Korean authorities later confirmed Kwon’s identity through photo and fingerprint data.
In addition to the new charges brought against him by US prosecutors, Kwon also faces criminal charges in Montenegro for falsifying documents. He is due to appear in the High Court in Podgorica today for an extradition hearing. It is unclear whether Kwon will be extradited to South Korea or the United States; however, his arrest was originally made on a South Korean warrant.
Prior to his capture, Kwon had repeatedly declared that he was “not on the run”, although Interpol issued him a red notice in September, making him a wanted man in 195 different countries.
Disclosure: At the time of writing this article, the author of this article owned BTC, ETH, and several other crypto assets.