Do Kwon, the founding father of Terraform Labs, which operated the so-called TerraUSD stablecoin and its sister token LUNA, was arrested in Montenegro Thursday morning after months in hiding whereas making an attempt to board a flight to flee Dubai with falsified paperwork. 

Thursday night time — a couple of hours after Kwon was arrested on the airport in Podgorica, the capital of Montenegro —  the U.S. prosecutors charged Kwon with eight felony indictments, together with securities fraud and conspiracy, for his alleged roles in what worn out about $40 billion from the crypto market. Interpol additionally confirmed Thursday that the person detained in Montenegro is crypto fugitive Do Kwon, or Do-Hyung Kwon, who is needed in South Korea and the U.S. on fraud expenses, per CNN. 

So, what’s subsequent to come back? We don’t know which nation Kwon might be despatched to as he now faces felony expenses in the U.S. by the Justice Division and Securities and Trade Fee (SEC) and his native nation, South Korea. Nonetheless, the U.S. and South Korea seem like in search of Kwon’s extradition. (We’ll hold this in sight relating to how it will pan out.) 

U.S. federal prosecutors reportedly stated they’d search Kwon’s extradition to New York, whereas their Korean counterpart can be in search of Kwon’s extradition. A spokesperson of South Korean prosecutors advised TechCrunch that they’re discussing with “associated events” about extraditing Kwon as quickly as attainable. The spokesperson, nevertheless, didn’t specify which nation Kwon can be shifted to from Montenegro, or how lengthy it’s prone to take, and the identification of the associated events. 

Kwon is dealing with a myriad of felony proceedings. For the reason that Terra/LUNA collapse in Could 2022, a South Korean courtroom has issued an arrest warrant in opposition to him, and Interpol issued a purple discover, a name to regulation enforcement worldwide, in September to seize Kwon, who stated in an interview with Coinage in August that he wasn’t charged with something. 

In October, South Korean prosecutors reportedly requested the native overseas affairs ministry to nullify Kwon’s passport until he returned that by Sept 15. (Kwon’s passport, which was not returned by then, seems to have been revoked.) 

The Singapore-headquartered blockchain platform entrepreneur, who claimed he wasn’t on the run however whose location was unknown, registered his handle in Serbia in December, in response to stories. Most not too long ago, the U.S. SEC charged Terraform Labs and Kwon with defrauding U.S. buyers who bought its crypto belongings – Terra and LUNA.