Minister of the Interior of Montenegro, Filip Adzic, on Thursday, announced the arrest of an individual suspected to be Do Kwon, co-founder of Terra Luna (CRYPTO: LUNA), within the Balkan nation's borders.

Local news outlet Vijesti later confirmed the tweet's authenticity and that the arrested person was a South Korean national.

"The former 'crypto king,' responsible for losses exceeding $40 billion, was arrested at Podgorica airport with fake documents," stated Adzic.

"He is wanted by South Korea, the United States, and Singapore. We are waiting for official confirmation of his identity," the minister further said.

U PODGORICI UHAPŠEN JEDAN OD NAJTRAŽENIJIH SVJETSKIH BJEGUNACA

Crnogrska policija lišila je slobode lice za koje se sumnja da je jedan od najtraženijih bjegunaca, južnokorejski državljanin Do Kwon, suosnivač i izvršni direktor Terraform Labs sa sjedištem u Singapuru.
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— Filip Adzic (@filip_adzic) March 23, 2023

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Since December 2022, South Korean prosecutors have been alleging that Kwon was hiding in Serbia, which has no extradition agreement with South Korea.

On Sep. 26, last year, an Interpol red notice was issued for his arrest due to his alleged role in the collapse of the $40 billion Terra Luna and Terra USD ecosystem in May 2022.

Kwon is also wanted by regulatory authorities in South Korea, Singapore, and the United States.

The arrest took place in Montenegro, which is geographically located south of Serbia and shares borders with the country.

The investigation is ongoing, and more details are expected to emerge in due course.

Terra blockchain's native Luna tokens fell 4.12% following reports of Kwon's arrest, however, Luna Classic (CRYPTO: LUNC) tokens were down just 1.8% at the time of publication.

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