People want to know why Is Do Kwon In Jail. Do Kwon, a Crypto Firm founder, is arrested in Montenegro.
The CEO and co-founder of Singapore-based Terraform Labs, behind the defunct stablecoin TerraUSD and cryptocurrency Luna, is Kwon Do-Hyung, better known by his stage name Do Kwon.
In May 2022, TerraUSD and Luna went down, wiping out about $45 billion in market value in a week and resulting in hundreds of billions of losses in the more significant crypto market.
As a result of his involvement in the Terra disaster, Kwon is under societal and legal criticism.
Legal action is being brought against Kwon by citizens of several nations, including South Korea, Singapore, and the United States.
Let’s explore the article to know more about Do Kwon In Jail.
Is Do Kwon In Jail? Crypto Firm founder Arrested In Montenegro
Do Kwon In Jail. According to a tweet from the nation’s interior minister, Filip Adzic, Do Kwon, the founder of Terraform Labs, appears to have been detained in Montenegro.
Do Kwon, a South Korean citizen and the co-founder and CEO of the Singapore-based Terraform Labs, has been held by the Montenegrin Police, according to a tweet from Adzic.
After the collapse of the $40 billion ecosystem supporting the stablecoin terraUSD (UST) and the shockwaves it caused in the cryptocurrency markets last year, Kwon has been the subject of numerous investigations and was even placed on Interpol’s red notice.
Adzic said the suspect was captured at the Podgorica airport using forged documents and was still awaiting formal identification.
According to a report by the Yonhap news agency, the Korean National Police Agency stated that it had verified the suspect’s appearance to be Kwon based on a check of the suspect’s age, name, and nationality on his ID card.
The official account of Dritan Abazovic, Montenegro’s prime minister, is presented after Adzic’s unconfirmed performance.
Abazovic’s account also shared the tweet reporting Kwon’s arrest. Official tweets have already referenced Adzic’s account.
Early Life Details of Do Kwon
Do Kwon was born in Seoul, South Korea, on September 6, 1991, according to a tweet he made on September 6, 2021. In South Korea, he finished high school at Daewon Foreign Language High School.
He switched to work temporarily as a software developer at both Microsoft and Apple after getting his BS in computer science from Stanford University in 2015.
Kwon returned to South Korea in January 2016 to create and launch his firm, Anyfi.
Do Kwon and businessman Daniel Shin co-founded Terraform Labs Pte. Ltd. in January 2018. Luna is a cryptocurrency that Terraform Labs announced later in 2018.
In 2020, Terraform started selling its stablecoin, TerraUSD (UST). Incentives for mining on the Terra blockchain, containing UST and Luna, were steady.
They were intended to produce an elastic monetary policy in addition to an effective fiscal policy to offset anticipated low adoption and constrained use cases.
Unlike other coins tethered to cash, the UST stablecoin used a mechanism linked to the Luna supply to keep a value of about $1. In April 2022, the price of Luna finally exceeded $116.
Personal Life of Do Kwon
Kwon gave his daughter the name Luna and tweeted, “My dearest creation named after my greatest invention,” to announce the birth in April 2022. Do Kwon In Jail now.
An individual investor who claims to have lost $2 million entered Kwon’s high-rise condominium building on May 12, 2022, and demanded an apology.
Kwon’s wife filed a complaint and asked for emergency Police protection, and the South Korean Police started looking into the event.
When asked about the South Korean government’s decision to invalidate his passport in October 2022 during an interview with Unchained Podcast, Kwon answered, “Oh, I’m not using it anyway, so it doesn’t, I can’t see how that makes a difference to me.”
Kwon said he didn’t feel comfortable discussing his vacation intentions or whether he possessed a second passport.
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