Police in Montenegro say they have arrested a man they believe is fugitive crypto mogul Do Kwon.
He is wanted in connection with the collapse of his company, Terraform, which is estimated to have cost investors more than $40 billion (£32.5 billion).
South Korea is looking for him, and he has also been charged by US officials with “orchestrating multi-billion dollar crypto securities fraud.”
Mr Kwon has previously denied he is in hiding but has never revealed his whereabouts.
News of the arrest was made by Montenegro’s Interior Minister Filip Adzic, who tweeted that “one of the world’s most wanted fugitives” had been arrested at Podgorica airport.
Mr Adzig added that the suspect was accused of traveling under a false name with forged documents. Authorities are still awaiting official confirmation of the man’s identity, he said.
Mr. Kwon’s Singapore-based company Terraform collapsed spectacularly along with its cryptocurrencies in May 2022.
The value of its Terra Luna and TerraUSD tokens fell, plunging to near zero and triggering a sell-off in major cryptocurrencies like Bitcoin, Ethereum and Tether.
“I am heartbroken by the pain my invention has caused you all,” Mr. Kwon said at the time.
But last month, the U.S. Securities and Exchange Commission accused it of failing to provide “the public with full, fair and truthful disclosure” of crypto assets.
The SEC also said he misled investors about TerraUSD’s stability and repeatedly claimed the tokens would appreciate in value.
In September, Interpol issued an international Red Notice for his arrest. The following month, South Korean prosecutors said he had traveled to an undisclosed country via Dubai after leaving Singapore.
South Korean authorities thought he was in Serbia and even sent officials to Belgrade for negotiations as the two nations have no extradition treaty.
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