The founder of Terra, Do Kwon, has been arrested in Montenegro for using fake documents. This news was reported by the Interior Minister of Montenegro, Mevludin Nuhodzic, on Tuesday, August 17th, 2021. The arrest was made in the coastal town of Budva, where Kwon was staying at a luxury hotel.
Terra is a blockchain-based payment network that aims to provide a stable and secure platform for digital payments. The company has gained popularity in recent years, with its cryptocurrency, LUNA, becoming one of the top 20 cryptocurrencies by market capitalization. However, this recent news has raised concerns about the legitimacy of the company and its founder.
According to the Interior Minister, Kwon was arrested for using a forged passport and other fake documents to enter Montenegro. He was detained by the police at the hotel where he was staying and is now facing charges of forgery and using false documents. The investigation is ongoing, and Kwon is currently in custody.
This news has come as a shock to many in the cryptocurrency community, as Terra has been seen as a promising project in the industry. The company has raised over $150 million in funding from investors such as Binance, Huobi, and Coinbase Ventures. It has also partnered with major companies such as Samsung and Amazon Web Services.
However, this incident raises questions about the due diligence process of investors and the credibility of the cryptocurrency industry as a whole. It highlights the need for stricter regulations and oversight to prevent fraudulent activities in the industry.
In response to the news, Terra has released a statement saying that they are aware of the situation and are cooperating with authorities. They have also emphasized that Kwon’s arrest does not affect the operations of the company and that they remain committed to their mission of providing a stable and secure payment network.
In conclusion, the arrest of Terra founder Do Kwon in Montenegro for using fake documents is a concerning development in the cryptocurrency industry. It highlights the need for increased regulation and oversight to prevent fraudulent activities and protect investors. It remains to be seen how this incident will affect Terra’s reputation and future operations.
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