A suspect presumed to be the wanted chief of blockchain firm Terraform Labs was arrested in Montenegro.

Filip Adzic, the Montenegrin interior minister, wrote on Twitter on Thursday that local police have detained an individual believed to be one of South Korea’s most wanted fugitives, Do Kwon, co-founder and CEO of the Singapore-based company.

The minister added that the process of verifying the suspect's identity is under way.

The interior ministry said in a statement that Kwon and another person were arrested at the airport in the capital, Podgorica, with false documents.

South Korean police also said on Thursday that a suspect thought to be Do Kwon and another person believed to be his aide, surnamed Han, had been arrested in Montenegro.

Kwon has been the target of several investigations and was even named in an Interpol red notice after the massive collapse of his firm's cryptocurrencies.