DO KWON ARRESTED, MONTENEGRIN OFFICIALS SAY
Terraform Labs founder Do Kwon has been arrested in Montenegro for allegedly causing over $40 billion in losses due to the TerraUSD stablecoin collapse. Montenegrin police detained Kwon at Podgorica airport with falsified documents.TerraUSD, an algorithmic stablecoin, was not backed by reserves, rather an algorithm that eventually unwound, causing the stablecoin to ultimately fail. Kwon has been charged by the SEC for orchestrating cryptocurrency securities fraud and is sought by South Korean and Singaporean officials.
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