From Billionaire Crypto founder to Wanted Fugitive

19 Jun 2023 · 1 min

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The video reports that Do Kwon, co‑founder of the Terra/Luna project, was arrested in Montenegro on fraud and money‑laundering charges after a worldwide manhunt. Kwon had been on the run since the collapse of the UST stablecoin, which triggered a $40 billion crypto market crash and massive losses for investors. The arrest is presented as a relief to those devastated by the crash. Kwon now faces possible extradition to the United States, where he will stand trial for alleged involvement in the fraudulent scheme.

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Do Kwon, the co-founder of Terra Luna, was recently arrested in Montenegro on charges of fraud and money laundering following his suspected involvement in a $40 billion crypto crash. Kwon had been on the run since the collapse of the UST stablecoin's value, which led to widespread panic and significant losses for a lot of market players. The arrest was made after an international manhunt, during which Kwon was reported to have fled to various countries, and his arrest has come as a relief to many investors who were left devastated by the crypto crash. Wan now faces extradition to the United States, where he will stand trial for his alleged involvement in the fraudulent scheme.