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Reuters

World

By Jonathan Stempel, Aleksandar Vasovic and Hyunsu Yim

Crypto founder Do Kwon indicted in US following Montenegro arrest

Terraform Labs Terra Do Kwon Police Montenegro United States Filip Adzic Cryptocurrency

Do Kwon, the cryptocurrency entrepreneur, who created the failed Terra (UST) stablecoin, is taken to court in Podgorica, Montenegro, March 24, 2023. REUTERS/Stevo Vasiljevic

Do Kwon, the cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion or more last year, has been charged with fraud by U.S. prosecutors.

An eight-count indictment against Kwon was made public in the U.S. District Court in Manhattan, several hours after news of his arrest earlier Thursday in Montenegro.

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