The fugitive co-founder of blockchain firm Terraform Labs, known as Do Kwon, who was arrested in Montenegro has reportedly been charged with fraud by U.S. prosecutors.

According to Reuters, the U.S. District Court in Manhattan released an eight-count indictment against South Korean national Kwon Do-hyeong hours after his arrest in the European country on Thursday on two counts each of securities fraud, wire fraud, commodities fraud and conspiracy.

The 31-year-old is accused of orchestrating a multi-billion-dollar cryptocurrency asset securities fraud, repeating false and misleading statements about the alleged fraud in interviews and on social media, and manipulating the price of his company’s stablecoin, TerraUSD.

Last month, the U.S. Securities and Exchange Commission(SEC) sued Kwon and Terraform Labs for fraud, accusing both entities of offering and selling unregistered securities and scheming to wipe out at least 40 billion dollars’-worth of market value.

While authorities in Montenegro said they have detained Kwon and his aide, Han Chang-joon, as they were trying to fly to Dubai using falsified Costa Rican travel documents, it is unclear whether the arrest was made upon request by the U.S.

Meanwhile, the South Korean police have confirmed that the person detained in Montenegro is the fugitive businessman, and prosecutors plan to begin discussions with Montenegrin authorities on his repatriation to face accusations of breaching the local capital markets law.