This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.bbc.co.uk/news/technology-65058533
The article has changed 6 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Do Kwon: Fugitive crypto mogul believed caught in Montenegro | Do Kwon: Fugitive crypto mogul believed caught in Montenegro |
| (34 minutes later) | |
| Police in Montenegro say they have arrested a man who they believe is the fugitive crypto mogul Do Kwon. | Police in Montenegro say they have arrested a man who they believe is the fugitive crypto mogul Do Kwon. |
| He is wanted in connection with the collapse of his company Terraform, which is estimated to have cost investors more than $40bn (£32.5bn). | He is wanted in connection with the collapse of his company Terraform, which is estimated to have cost investors more than $40bn (£32.5bn). |
| South Korea is seeking him, and he has also been charged by US officials for "orchestrating multibillion-dollar crypto asset securities fraud". | |
| Mr Kwon has previously denied he is in hiding but never revealed his location. | Mr Kwon has previously denied he is in hiding but never revealed his location. |
| News of the arrest was made by Montenegro's interior minister, Filip Adzic, who tweeted that "one of the world's most wanted fugitives" had been detained at Podgorica's airport. | News of the arrest was made by Montenegro's interior minister, Filip Adzic, who tweeted that "one of the world's most wanted fugitives" had been detained at Podgorica's airport. |
| Mr Adzig added that the suspect was accused of travelling under a false name with fake documents. Authorities are still waiting for official confirmation of the man's identity, he said. | |
| Mr Kwon's Singapore-based company Terraform, along with its cryptocurrencies, collapsed spectacularly in May 2022. | Mr Kwon's Singapore-based company Terraform, along with its cryptocurrencies, collapsed spectacularly in May 2022. |
| The value of its Terra Luna and TerraUSD tokens fell, plummeting to near zero and triggering a sell-off in major cryptocurrencies such as Bitcoin, Ethereum and Tether. | The value of its Terra Luna and TerraUSD tokens fell, plummeting to near zero and triggering a sell-off in major cryptocurrencies such as Bitcoin, Ethereum and Tether. |
| "I am heartbroken about the pain my invention has brought on all of you," Mr Kwon said at the time. | "I am heartbroken about the pain my invention has brought on all of you," Mr Kwon said at the time. |
| But last month, the US Securities and Exchange Commission (SEC) accused him of failing to "provide the public with full, fair, and truthful disclosure" of the crypto assets. | But last month, the US Securities and Exchange Commission (SEC) accused him of failing to "provide the public with full, fair, and truthful disclosure" of the crypto assets. |
| The SEC also said he misled investors about the stability of TerraUSD and repeatedly claimed the tokens would increase in value. | The SEC also said he misled investors about the stability of TerraUSD and repeatedly claimed the tokens would increase in value. |
| In September, Interpol issued an international red notice for his arrest. The following month, South Korean prosecutors said he had travelled via Dubai to an unknown country after leaving Singapore. | In September, Interpol issued an international red notice for his arrest. The following month, South Korean prosecutors said he had travelled via Dubai to an unknown country after leaving Singapore. |
| South Korean authorities had thought he was in Serbia, and even sent officials to Belgrade to negotiate, since the two nations do not have an extradition treaty. | South Korean authorities had thought he was in Serbia, and even sent officials to Belgrade to negotiate, since the two nations do not have an extradition treaty. |
| Related Topics | Related Topics |
| South Korea | South Korea |
| Montenegro | Montenegro |
| Fraud | Fraud |
| Cryptocurrency | Cryptocurrency |