The founder of the company Terraform Labs, Do Kwon was successfully arrested by the Montenegrin authorities yesterday after successfully escaping for six. An Interpol red notice was issued against him in October last year for his involvement in the Luna and TerraUSD (UST) cryptocurrency scandals that cost investors more than $40 billion.
After the collapse of this investment scheme, Do Kwon fled to Singapore. In order to bring him to justice, the South Korean authorities have requested the help of Interpol. He was arrested along with another suspect in this case because he was found to be using fake documents when trying to fly to Dubai.
2022 was an unfortunate year for crypto investors with dozens of fraudulent schemes reported as well as the closure of major companies such as FTX and Three Arrow Capital as values plummeted. The impact is still being felt with the value of major cryptocurrencies yet to return to their late 2021 highs.
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