Cryptocurrency: Terraform Labs' Do Kwon hiding in Serbia, South Korean media report

Terraform Labs co-founder, Do Kwon, is reportedly hiding in Serbia, and this report comes after almost three months since Interpol issued a red notice for him. Local media outlets in South Korea said that the prosecution hinted the crypto fugitive is currently staying in the said country.

As per Korea Joongang Daily, the Terra Labs co-founder left Singapore in September and moved to Serbia through the United Arab Emirates, where he landed after leaving SG. Do Kwon is part of the company that developed the Luna and TerraUSD cryptocurrencies that suddenly collapsed in May.

The situation led to the wipeout of around $40 billion of Terraform’s assets. The company’s failure happened in a flash, and the subsequent drop of Luna and TerraUSD are the main reason why Do Kwon is being hunted by the authorities. He is facing the possible crimes of fraud and other offenses related to the company’s collapse.

The Justice Ministry of South Korea asked the local authorities to investigate Terraform Lab and its founders, but Do Kwon left the country instead of participating in the probe. Since leaving South Korea, he refused to divulge his location while also continuously insisting he is not on the run.

He said that he is only not revealing his whereabouts for safety reasons. It was also learned that before he flew out of the country, he has brought millions with him.

Now, as the Interpol red notice was already issued against him, a worldwide hunt has begun to locate and detain him pending extradition, surrender, or any legal action in connection with his case. As of last month, the Korean government has already invalidated his passport.

It was reported that Terraform Labs’ co-founder, Daniel Shin, was also being investigated, and the prosecution already requested an arrest warrant for him earlier this month. His case is related to the allegations that he gained illegal profits before the crypto firm crumbled. The arrest warrant request was dismissed, but prosecutors are considering filing another one.

BBC News reported that local prosecutors have also issued arrest warrants for five people who have links to Terra and Luna stablecoin crypto tokens. The names of these people were not divulged.

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