Filip Adzic confirms the arrest warrant of South Korea’s Kwon Do-Huing for $40 billion Fraud

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Filip Adzic, Minister of Interior of Montenegro, announced that the South Korean citizen Kwon Do-Huing, also known as the King of Cryptocurrencies, was detained at the Podgorica airport, Montenegro, on 23 March 2023. The announcement states South Korea has issued a warrant for the criminal offense. 

Kwon Do-Huing was one of the most famous fugitives in the world who was responsible for a huge loss of over 40 billion dollars was arrested by order of Interpol at the said location with false documents. The suspect is said to be arrested with another Korean citizen, Hon Chang Joon, and they were brought to the Basic State Prosecutor’s Office (ODT) in Podgorica. 

The duo was caught during passport control on the flight to Dubai for using false travel documents from Costa Rica. The procedure was carried out by Interpol checks, who continued the investigation of their luggage and found travel papers from South Korea and Belgium, which were fake. As a result, their three laptops and five mobile phones were seized. 

This fugitive, formerly known as a cryptocurrency entrepreneur, along with five others, is accused of billion-dollar fraud that shook the crypto markets in May 2022. Two of them have been arrested in Montenegro and face criminal charges in the United States.

A stablecoin named TerraUSD was created by Kwon, pegged to the US dollar, preventing major fluctuations in prices. However, the market value of about $40 billion was deleted for TerraUSD holders and Luna, following the stablecoin dropping below $1 in May 2022. A number of investors had suffered a huge loss, and hence the South Korean authorities charged multiple criminal records for fraud.