Home > NEWS > U.S. Charges Crypto Fugitive Do Kwon With Fraud as Suspect Held in Montenegro

U.S. Charges Crypto Fugitive Do Kwon With Fraud as Suspect Held in Montenegro

The Justice Department charged South Korean crypto entrepreneur Do Kwon with fraud on Thursday as officials in Montenegro said they had arrested a man they believed to be the creator of the failed TerraUSD stablecoin. In an indictment unsealed in a New Y

The Justice Department charged South Korean crypto entrepreneur Do Kwon with fraud on Thursday as officials in Montenegro said they had arrested a man they believed to be the creator of the failed TerraUSD stablecoin. In an indictment unsealed in a New York federal court, Mr. Kwon was charged with eight criminal counts of fraud and is accused of conspiring with an unnamed U.S.-based investment firm to use trading strategies to alter the price of the stablecoin in May 2021. Mr. Kwon also lied in a television interview and on social media about the effectiveness of the algorithm ensuring the stability of TerraUSD, federal prosecutors said.

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