Terraform CEO-identity
Fingerprints confirm crypto fugitive Kwon: S. Korean police
By Kim Han-joo
SEOUL, March 24 (Yonhap) -- Fingerprints have confirmed that a South Korean man recently arrested in Montenegro is indeed Do Kwon, the wanted co-founder of Terraform Labs behind a multibillion-dollar crash of the firm's cryptocurrency last year, police said Friday.
The National Police Agency (NPA) said the person arrested at the airport in the capital Podgorica on Thursday was confirmed to be Kwon through fingerprint comparison.
Kwon, who had been a fugitive for several months after being last spotted in neighbor country Serbia in December last year, was detained along with one of his close aides, surnamed Han, the NPA said.
The disgraced entrepreneur has been under investigation for alleged fraud and tax evasion after investors in TerraUSD and Luna filed complaints against Kwon in last May, accusing him of a Ponzi scheme over the loss of billions of won following the crash of both coins.
Prosecutors have since sought an arrest warrant for Kwon on allegations including providing false information to investors and the violation of the capital market law.
Interpol also issued a red notice, used for the highest level of wanted suspects and criminals. His passport has since been invalidated.
Prosecutors said they plan to begin discussions with Montenegro authorities for repatriation.
Prosecutors are also continuing to investigate Daniel Shin, another co-founder of Terraform Labs, on charges of gaining illegal profits before the collapse of the coins.
TerraUSD was designed as a stablecoin, which was pegged to stable assets like the U.S. dollar. But holders of TerraUSD and Luna lost more than an estimated US$40 billion in market value after the stablecoin plunged far below its $1 peg in late May.
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