ARRESTED: US authorities charge South Korean crypto developer Do Kwon with fraud, video of arrest

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A South Korean crypto developer was charged on Thursday by U.S. prosecutors for allegedly defrauding investors about his two digital currencies – Terra and Luna – that collapsed last year, according to news reports.

Do Kwon, who was arrested on Thursday by authorities in Montenegro, was indicted by Manhattan federal prosecutors who accused him of misleading buyers of digital currencies issued by Terraform Labs, a payment platform used for cryptocurrencies.

Prosecutors also said Kwon engaged in market manipulation with a U.S. trading firm so he could change the market price of Terra, Bloomberg reported. The indictment also alleges that Kwon made false and misleading statements on TV and on social media about his business.

Kwon has also been evading charges from South Korea for quite some time.

The fraudster was attempting to fly to Dubai using forged documents when he was arrested in Montenegro.

The Securities and Exchange Commission (SEC) previously charged several celebrities this month too, including Lindsay Lohan and Jake Paul. The charges concerned promoting cryptocurrencies without disclosing that they were being paid for it. Six of the celebrities settled on paying over $400,000 total to hush the allegations.

Watch the video below of Kwon leaving court in handcuffs:

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