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 prison 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 fees, per CNN. 

So, what’s subsequent to come back? We don’t know which nation Kwon shall be despatched to as he now faces prison fees 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 look like searching for Kwon’s extradition. (We’ll maintain this in sight relating to how it could pan out.) 

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

Kwon is dealing with a myriad of prison proceedings. For the reason that Terra/LUNA collapse in Might 2022, a South Korean court docket has issued an arrest warrant in opposition to him, and Interpol issued a purple discover, a name to legislation enforcement worldwide, in September to seize Kwon, who mentioned 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 (Kwon’s passport, which was not returned by then, seems to have been revoked.)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 line with studies. Most not too long ago, the U.S. SEC charged Terraform Labs and Kwon with defrauding U.S. traders who bought its crypto property – Terra and LUNA.