Do Kwon has finally been arrested in the Balkans, with even more charges landing on his lap.
Do Kwon had allegedly been travelling under a false name with fake documents. On Friday, South Korea police confirmed Do Kwon's identity after matching his fingerprints with official records.
Officials are working on extraditing Do Kwon to South Korea. His location had previously been uncertain, but South Korean officials had believed he was in Serbia.
Read more: Do Kwon Hunted By South Korea Officials in Serbia
On Thursday, prosecutors at the US District Court in Manhattan said Do Kwon now faces charges of securities fraud, wire fraud, commodities fraud and conspiracy.
Read more: Justice Department Investigates TerraUSD Following SEC Probe
US financial regulators alleged that Mr Kwon and Singapore-based Terraform Labs "failed to provide the public with full, fair, and truthful disclosure as required for a host of crypto asset securities, most notably for Luna and TerraUSD."
SEC investigators are looking into the relationship between the Terra blockchain and South Korean based payment platform Chai. It is alleged that Do Kwon misled investors into believing Chai transactions were processed on Terra's blockchain, instead of the traditional technology it was actually using.
Singapore investigation
Just last week, the Singapore Police Force (SPF) began an investigation into Terraform Labs and Do Kwon, who is no longer in the country.
Read more: Singapore Police Finally Probe Terra Luna Founder Do Kwon
In a statement, the SPF said, “Investigations have commenced in relation to Terraform Labs” with "ongoing" inquiries, adding that Do Kwon is not currently in Singapore. He had previously been operating from the city-state.