Updated Mar 24, 2023, 8:28am EDT

Fugitive crypto founder Do Kwon charged by Montenegro authorities

 Smartphone with Terra logo is placed on displayed U.S. dollars in this illustration taken May 11, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
REUTERS/Dado Ruvic

Sign up for Semafor Flagship: A global, insightful daily briefing. Read it now.

Title icon

The News

The South Korean fugitive cryptocurrency entrepreneur Do Kwon was charged by Montenegro authorities for forging documents, reports said Friday.

The charge comes a day after Kwon and a travel companion were arrested in the capital Podgorica, news agency AFP said, after attempting to board a flight to Dubai with falsified passports. Authorities found forged passports from Costa Rica and a separate set of Belgian passports in their luggage, Reuters reported.

Title icon

Know More

Kwon, who co-founded Terraform Labs, has been on the run for several months following allegations of fraud in relation to the $40 billion collapse of the TerraUSD and Luna currencies he developed.

Hours after his arrest U.S. prosecutors charged Do Kwon with multiple counts of fraud and conspiracy in Manhattan. This case follows earlier civil charges filed against the crypto founder and Terraform by the U.S. Securities and Exchange Commission.

Title icon

The View From South Korea

Kwon, 31, is also wanted in his native South Korea, where authorities issued an arrest warrant for him in September 2022 and now seek his extradition from Montenegro, the Associated Press reported. South Korean authorities have said they are working to repatriate Kwon, who is alleged to have violated several of the country’s economic laws.

Title icon

The View From the U.S.

The former crypto magnate may also face extradition to New York, TechCrunch notes.

The Thursday indictment filed by the U.S. Justice Department charged Kwon with two counts each of securities fraud, wire fraud, commodities fraud and conspiracy.


Sign up for Semafor Flagship: A global, insightful daily briefing. Read it now.