Do Kwon faces new charges in the United States and Montenegro

Do Kwon is accused by US prosecutors of committing commodity fraud, securities fraud, wire fraud and engaging in market manipulation.

Eight cases of fraud

Making Kwon’s legal problems steadily worse.

Yesterday the United States Department of Justice filed a complaint against Terra frontman Do Kwon, charging him with eight different counts of fraud: conspiracy to defraud, two counts of commodities fraud, two counts of securities fraud, two counts of wire fraud and engaging in market manipulation. The DOJ is seeking Kwon’s extradition to the United States, according to CoinDesk.

Kwon was arrested yesterday in Montenegro, at Podgorica airport. Local media reported that the Terraform Labs CEO attempted to board a flight to Dubai using a fake Costa Rican passport. He also had South Korean and Belgian travel documents with him.

Kwon’s arrest was announced by Montenegrin Interior Minister Filip Adžić, who announced on Twitter that Montenegrin police had arrested “a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon.” South Korean authorities later confirmed Kwon’s identity through photographic data and fingerprint information.

In addition to the new charges by US prosecutors, Kwon also faces criminal charges in Montenegro for document forgery. He will appear in Podgorica’s Supreme Court today for an extradition request. It is unclear whether Kwon will be extradited to South Korea or the United States; however, his arrest was initially carried out on a South Korean warrant.

Before his capture, Kwon had repeatedly tired that he was “not on the run”, despite Interpol issuing a red notice for him in September – effectively making him a wanted man in 195 different nations.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH and several other crypto assets.