South Korea authorities believe Do Kwon is hiding in Serbia

The controversial Terraform Labs founder and CEO is still wanted by governments worldwide. South Korea authorities believe he may be in Serbia after leaving Singapore in September.

Is Do Kwon hiding in Serbia?

In a story published on December 11 by Chosun Media, South Korean police allegedly got a tip about Do Kwon’s whereabouts and had been able to confirm that he is currently in Serbia.

An official informed the newspaper, “We recently received intelligence that CEO Kwon was in Serbia, and it was proven genuine.”

Additionally, according to the source, the inquiry is being conducted by the South Korean Ministry of Finance, which “is in the process of asking for cooperation from the Serbian government.”

Since Terra’s fall, South Korean law enforcement has been looking for Do Kwon, but they only recently began to have had much success locating him.

It was believed that the 31-year-old moved to Singapore at the end of April, shortly before the shocking collapse of the Terra ecosystem.

For allegedly breaking South Korean capital markets legislation, Kwon was the subject of an arrest order issued on September 14 by the Financial and Securities Criminal Unit of the Seoul Southern District Prosecutor’s Office.

Kwon was believed to have traveled to Dubai en route to a new, unidentified location at about that time, according to police in Singapore, who confirmed that he was no longer in the nation.

A “Red Notice” was allegedly issued on Kwon by Interpol shortly after that, on September 26. Do Kwon, however, hasn’t been included in Interpol’s Red Notice database on the internet as of December 11.

Kwon was instructed to turn in his passport by the South Korean Ministry of Foreign Affairs on October 6. The official added that they would cancel his passport if he didn’t cooperate.

Later that month, South Korean investigators corroborated that Do Kwon had flown to Dubai for a potential layover before continuing to another location, which might have been Serbia.

Co-founder of Terraform Labs wanted for alleged fraud and market manipulation

It is still being determined what can be pulled levers legally from South Korea to attempt to extradite Terraform Labs’s founder if Do Kwon is in Serbia.

Despite having bilateral extradition agreements with 31 nations, Serbia is not one of them. In addition, South Korea and the Council of Europe have a considerably more comprehensive multilateral extradition agreement that Serbia has ratified.

Kwon has insisted he is not “on the run” and has made “no effort to hide.” Over the past few months, he’s remained active on social media.

The de-pegging of its algorithmic stablecoin Terra USD Classic, USTC (previously UST), which in turn drove down its sister asset Luna Classic, LUNC (formerly LUNA), by roughly 100%, was one of the factors that led to the collapse of the Terra ecosystem in May.