Crypto founder Do Kwon is indicted in US, following Montenegro arrest

NEW YORK, March 24 — Do Kwon, the cryptocurrency entrepreneur behind two digital currencies that lost an estimated US$40 billion or more last year, has been charged with fraud by US prosecutors.

Yesterday’s indictment charges Kwon, a South Korean national who co-founded Terraform Labs and developed the TerraUSD and Luna currencies, with two counts each of securities fraud, wire fraud, commodities fraud and conspiracy. Montenegro’s interior ministry said local police detained a person thought to be Kwon and a second suspect, who were trying to board a flight to Dubai at Podgorica airport.“The person is suspected of being one of the most wanted fugitives, South Korean national Do Kwon, a co-founder and CEO of the Singapore-based Terraform Labs,” Interior Minister Filip Adzic wrote on Twitter.

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