Market

Terraform Labs’ Ex-CEO Do Kwon Arrested for Fraud and Conspiracy By CoinEdition

[ad_1]

© Reuters. Terraform Labs’ Ex-CEO Do Kwon Arrested for Fraud and Conspiracy

  • Ex-CEO of Terraform Labs, Do Kwon, was arrested in Montenegro for fraud charges by the US authorities.
  • Kwon is charged with eight counts of fraud by federal prosecutors in Manhattan.
  • Terraform Labs co-founder is considered an international fugitive following a warrant for his arrest issued by South Korea.

According to reports, Kwon Do-Hyung, more commonly known as Do Kwon, the ex-CEO of Terraform Labs, has been accused of fraud by U.S. authorities. He was arrested in Montenegro on Thursday following the crash of TerraUSD stablecoin last year.

Late on Thursday, The Wall Street Journal and Bloomberg News reported that Do Kwon was charged with eight counts, including securities fraud, commodities fraud, wire fraud, and conspiracy, by federal prosecutors in Manhattan.

Kwon had been considered an international fugitive after disappearing last fall following a warrant for his arrest issued by his home country, South Korea.

Moreover, Filip Adžić, the Minister of Interior in Montenegro, announced on Thursday morning via Twitter that Do Kwon had been arrested at Podgorica airport. Adžić referred to Kwon as the former “cryptocurrency king,” attributing the loss of over $40 billion to him. The Minister also alleged that Kwon had been found with falsified documents and that South Korea, the USA, and Singapore had made similar claims against him.

Adžić added that Montenegrin police had apprehended “one of the world’s most wanted fugitives” at Podgorica airport. He confirmed that the individual in question was Do Kwon, a South Korean citizen suspected of being involved in fraudulent activities.

The U.S. Securities and Exchange Commission (SEC) had previously accused Singapore-based Terraform Labs PTE Ltd and its CEO of fraud in February. According to a statement from the SEC, both Terraform and Kwon were accused of deceiving and misleading investors while promoting the Luna token, which experienced a crash in May 2022, causing a ripple effect throughout the cryptocurrency industry.

The post Terraform Labs’ Ex-CEO Do Kwon Arrested for Fraud and Conspiracy appeared first on Coin Edition.

See original on CoinEdition

[ad_2]

Source link

Jake

Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *