• 18 June, 2024
News

Terra Founder and Fugitive Do Kwon Is In Serbia: Reports

As per the most recent developments, Terra founder and crypto fugitive Do Kwon has relocated to Serbia in response to the latest investigation by South Korean authorities.

According to the Chosun Ilbo news outlet, South Korean authorities believe the progenitor of the TerraUSD and Luna digital-asset ecosystem is still in the landlocked Balkan country, and South Korea is in the process of requesting cooperation from Serbia. The story cited an anonymous source at an investigative authority in the North Asian country.

The report says Kwon moved to Serbia in November, citing an unnamed official at the prosecutors’ office in Seoul. South Korean authorities followed up on a tip about Do Kwon’s whereabouts, which indicated he was now in Serbia and were able to confirm it.

“Recently, we obtained intelligence that CEO Kwon was in Serbia, and it was found to be true,” an official told the outlet. As part of the investigation, South Korea’s Ministry of Finance “is in the process of requesting cooperation from the Serbian government,” according to the report.

Do Kwon, the controversial founder and CEO of Terraform Labs, which suffered a chaotic US$60 billion (S$81 billion) wipeout, has been on the run since leaving Singapore in September, and the global search for him continues. Kwon’s whereabouts have been unknown since South Korea issued an arrest warrant for him in mid-September on charges including violations of capital markets law. According to South Korea, Kwon is the subject of an Interpol red notice.

Later that month, South Korean prosecutors confirmed reports that Do Kwon had flown to Dubai for a possible layover before continuing on to another destination, which turned out to be Serbia.

Do Kwon, 31, has denied any wrongdoing with Terraform Labs, claiming that capital-markets legislation does not apply to crypto tokens. Kwon has insisted that he is not “on the run” and is “making no effort to hide.” He has remained active on social media in recent months.

However, it needs to be clarified why CEO Kwon travelled to Serbia. It is known that investigators are trying to determine if there is a special helper in Serbia.

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