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Terra founder Do Kwon said he was arrested in Montenegro

Do Kwon, the founder of Terraform Labs and creator of the collapsed stablecoin Terra, has been charged by federal prosecutors in the Southern District of New York with eight counts of fraud, including “wire fraud, commodity fraud, securities fraud and conspiracy to defraud.” and engage in market manipulation”, according to The New York Times. Prosecutors have told the media they will seek Kwon’s extradition.

The allegations follow his apparent arrest in Montenegro on Thursday, which was first reported via social media posts by Montenegrin Interior Minister Filip Adzic on Twitter (where he has not been verified, either through Twitter Blue or through older means), and on Facebook (where he is verified, but Facebook’s blue check marks were wrong before).

Yonhap News in Korea reports South Korean National Police are awaiting fingerprint confirmation that the person arrested is actually Do Kwon.

Last year, the collapse of the Terra/Luna algorithmic stablecoin ecosystem was one of the industry’s first events, which the SEC claims constituted a massive fraud that vaporized more than $40 billion in value. There were reports that Interpol had issued a “red notice” for Kwon, as prosecutors in the US and South Korea tried to have him arrested despite Kwon’s tweets to claim “I’m not ‘on the run’ or anything like that.”

According to Yonhap NewsKorean police issued a statement about the arrest, saying, “We checked the age, nationality and name with the identity card the person had, and confirmed that he was the same person as CEO Kwon with photo data.”

Update March 23, 8:31 PM ET: Kwon has been charged with fraud by federal prosecutors.

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