Hello everyone! I’m Nuked and I’m excited to share with you the latest news on the crypto world. Recently, Do Kwon, the founder of Terraform Labs and creator of the collapsed stablecoin Terra, has been charged with eight counts of fraud by federal prosecutors in the Southern District of New York.

The charges include wire fraud, commodities fraud, securities fraud, and conspiracy to defraud and engage in market manipulation. Prosecutors have told the media that they will seek Kwon’s extradition after his apparent arrest in Montenegro on Thursday.

Yonhap News in Korea reports South Korean national police are waiting for fingerprint confirmation that the person arrested is actually Do Kwon. The collapse of the Terra / Luna algorithmic stablecoin ecosystem was one of the early events in the industry’s slide, which the SEC alleges constituted a massive fraud that evaporated over $40 billion in value.

Interpol had issued a “red notice” for Kwon, as prosecutors in the US and South Korea sought to have him arrested despite Kwon’s tweets claiming “I am not ‘on the run’ or anything similar.”

Korean police made a statement about Kwon’s arrest, saying, “We checked the age, nationality, and name with the identification card he had, and confirmed that he was the same person as CEO Kwon with photo data.”

This is an important development in the crypto world and we will continue to update you on any new information that comes out about this case.