Crypto fugitive Do Kown behind $40 bn crash arrested, charged with fraud

US prosecutors have arrested Do Kwon, the cryptocurrency entrepreneur behind the crash of two digital currencies (TerraUSD and Luna) that lost over $40 billion last year, and charged him with fraud.

Kwon, the wanted co-founder of Terraform Labs behind a multibillion-dollar crash of the firm’s cryptocurrency last year, was arrested in Montenegro in the US.

An eight-count indictment against Kwon was made public in the US District Court in Manhattan after his arrest, reports said.

Meanwhile, South Korean prosecutors said on Friday they will seek the extradition of Kwon.

South Korea has joined the European Convention on Extradition, a multilateral treaty to facilitate extradition between the member states, of which Montenegro is also a member, the justice ministry said.Snap launches new business unit to offer AI solutions to retailers