Fleeing for several months and finally arrested, this article reviews the "arrest process" of Terra founder Do Kwon
On March 23, Montenegro Interior Minister Filip Adzic announced on his social platform that Terraform Labs founder Do Kwon was arrested in Montenegro. Montenegro authorities said Do Kwon was trying to fly to Dubai using fake Costa Rican travel documents. Since South Korean authorities issued an arrest warrant for Do Kwon in September last year, Kwon's whereabouts have been appearing and disappearing for nearly six months, only sporadically appearing in public view through various interviews. BlockBeats briefly sorted out the process of Do Kwon from being wanted to being arrested, and reviewed the "arrest process" of this former encryption star.
On March 29, 2022, when LUNA was in its heyday, Laura Shin, the former senior editor of Forbes and the director of Unchained, interviewed the proud Do Kwon about the Luna ecology. In the podcast, Do Kwon admits that LUNA risks a death spiral amid extreme changes in market demand. (BlockBeats note, for more about this Laura Shin's interview with Do Kwon, please read "Conversation with Luna founder Do Kwon: UST's Bitcoin game》）
One month after the podcast episode aired, TVL's nearly $20 billion Luna ecosystem collapsed. The Luna victim went to Do Kwon's residence and found no one there, and Kwon's whereabouts began to become a mystery.
On August 16, 2022, Do Kwon accepted an interview with Zack, the manager of Coinage, in Singapore. This is the first time Do Kwon has faced the camera since the Luna incident. During the interview, Do Kwon stated that he does not think the Luna and UST incident involves moral issues. (BlockBeats note, read more about Zack's interview with Do Kwon atLUNA founder: I bet everything, but this time I lost》）
On September 14, 2022, the South Korean police officially issued an arrest warrant for Do Kwon, and Interpol also issued a red notice, but he may not have been in Singapore at that time, and Do Kwon’s wanted journey officially began at this time , the police began to search for his traces and whereabouts in various countries.
On October 18, 2022, Do Kwon participated in the recording of Laura Shin's podcast again, which was also the last public appearance of Do Kwon. In the interview, Laura Shin asked Do Kwon's location very directly, but Do Kwon refused to disclose, saying that he left Singapore not because of the crash in May, but because he felt that his personal safety was threatened, even Reporters and some people broke into his apartment building. (BlockBeats note, for more interviews with Laura Shin and Do Kwon, please read "Conversations with Do Kwon: Accusations, Manhunt, and the Terra Founder's Faith and Confession》）
In December 2022, a person familiar with the matter broke the news that Do Kwon, the founder of Terra, was hiding in Serbia. Therefore, the South Korean Ministry of Justice contacted the Serbian government to cooperate in investigating whether Do Kwon had special assistants in Serbia. After entering Serbia, Do Kwon was first captured while his on-chain wallet data was at large. On November 8, he transferred 9.64 BTC, which was worth nearly $190,000 at the time, from the LFG wallet to the Binance wallet, and exchanged Bitcoin into US dollars. The act of waiting for cash.
February 7, 2023 South Korean prosecutors and Justice Ministry officials traveled to Serbia last week to seek help in hunting down Terra founder Do Kwon. The Seoul Public Prosecutor's Office confirmed the news, while the prosecutor's office and the Ministry of Justice declined to comment on Do Kwon's exact location.
On February 17, the U.S. Securities and Exchange Commission (SEC) announced that it had filed a lawsuit with the U.S. District Court for the Southern District of New York, accusing Singapore-based Terraform Labs PTE Ltd and Do Hyeong Kwon of planning billions of dollars in encrypted asset securities. Fraud, involving algorithmic stablecoins and other cryptoasset securities, in violation of the registration and anti-fraud provisions of the Securities Act and the Exchange Act.
According to the SEC’s allegations, from April 2018 until the scheme’s eventual collapse in May 2022, Terraform and Do Kwon raised billions of dollars from investors through the issuance and sale of a suite of interlinked cryptoasset securities, many of which were Among the unregistered transactions were swaps based on securities mAssets and crypto-securities Terra USD (UST), known as an algorithmic stablecoin.
In addition, the SEC also accused Terraform and Kwon of providing and selling other ways for investors to invest in their "cryptocurrency empire", including encrypted asset securities Token MIR (or Mirror Token) and LUNA itself. Terraform and Kwon market crypto-asset securities to investors, repeatedly claiming that these tokens will increase in value.
On March 16, South Korean prosecutors expanded cooperation with overseas legal agencies and counterparts to assist in the arrest and extradition of South Korean national Do Kwon.
On March 23, Filip Adzic, Minister of the Interior of Montenegro, announced on his social platform that Do Kwon, a joint venture of Terraform Labs, was detained by the police at Podgorica Airport in Montenegro for forging documents. South Korean officials later confirmed that Do Kwon was indeed arrested in Montenegro . Do Kwon's personal passport had been withheld in Serbia, according to people familiar with the matter.
On March 24, the Serbian Tech Criminal Prosecutor’s Office and the U.S. Attorney’s Office revealed that Terraform Labs CEO Do Kwon, along with ex-Chai Corporation CEO Shin Hyun-seung (aka Daniel Shin), who fled with him, had set up in Serbia A company related to the business of encrypted assets. It is reported that the prosecution is confirming whether Do Kwon established a legal person for the full-fledged virtual asset business in Serbia, or whether he established a pocket company for money laundering.
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《The Lord of the Rings Dream of Algorithmic Stablecoins: After LUNA, there will be no next UST》
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