Terra co-founder Do Kwon hiding out in Serbia, says authorities

It is known that Terraform Labs’ controversial founder and CEO Do Kwon is presently positioned in the Southeast European nation of Serbia after leaving Singapore in September. 

According to a Dec. 11 report from Chosun Media, South Korean authorities adopted a tip-off regarding Do Kwon’s whereabouts suggesting he’s now in Serbia and has been in a position to verify it. 

“Recently, we obtained intelligence that CEO Kwon was in Serbia, and it was discovered to be true,” an official informed the outlet. 

The report additionally states that South Korea’s Ministry of Finance “is in the method of requesting cooperation from the Serbian authorities” as a part of the investigation.

South Korean authorities have been on the hunt for Do Kwon since Terra’s collapse, however evidently have not had a lot luck pinpointing his location.

The 31-year-old was understood to have moved to Singapore in the direction of the top of April simply earlier than the Terra ecosystem’s shock collapse.

On Sept. 14, the Seoul Southern District Prosecutor’s Office’s Financial and Securities Criminal Unit issued an arrest warrant towards Kwon for violating South Korean capital markets legal guidelines.

Near that point, authorities in Singapore confirmed that Kwon was now not in the nation, and was understood to have flown to Dubai in transit to a brand new unknown vacation spot. 

Shortly after on Sept. 26, Interpol additionally reportedly issued a “Red Notice” towards Kwon. As of as we speak, nonetheless, Do Kwon’s itemizing nonetheless does not seem to have been added to Interpol’s Red Notice database on the web site. 

In October, South Korea’s Ministry of Foreign Affairs issued an order for Kwon to give up his passport on Oct. 6. The Ministry added that failure to conform would end result in the cancellation of his passport altogether.

Later that month, prosecutors in South Korea confirmed reviews that Do Kwon had flown to Dubai for a attainable stopover earlier than heading to a different vacation spot — which because it turns out, is perhaps Serbia. 

If Do Kwon turns out to be in Serbia, it stays to be seen what, if any, authorized strings might be pulled from South Korea to attempt to extradite the Terraform Labs founder.

While South Korea has entered right into a bilateral extradition treaty with 31 nations, Serbia is just not. However, South Korea has additionally entered into a wider multilateral extradition treaty with the Council of Europe to which Serbia is a signatory.

Related: Terra co-founder Do Kwon faces $57-million lawsuit in Singapore

Kwon has maintained that he’s not “on the run” and that he’s “making zero effort to cover,” and has continued to be energetic on social media over the previous few months.

The collapse of the Terra ecosystem in May was partly triggered by the depegging of its algorithmic stablecoin Terra USD Classic, USTC (previously UST), which in flip introduced down its sister asset Luna Classic, LUNC (previously LUNA) practically 100%.

Cointelegraph reached out to representatives for Terraform Labs for remark however didn’t obtain a direct response.