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  • Writer's pictureDavid Manion

South Korea Authorities Say Terra’s Do Kwon Is In Serbia, Calls On Government For Help

Founder and former CEO of Terraform Labs, Do Kwon, has reportedly left his earlier hideout in Singapore and has now moved to Serbia. According to reports, South Korean authorities have requested assistance from Serbian authorities in this case.

Kwon’s whereabouts became unclear after authorities in September issued a warrant for his arrest on allegations of breaches of capital-markets law. Kwon has since been stripped of his passport and is the subject of an Interpol red notice. Prosecutors indicated in October that Kwon fled to Dubai as a stopover to other destinations after he existed Singapore. The prosecutor’s office in Seoul said on Monday that reports placing Kwon, the founder of the collapsed TerraUSD and Luna tokens in Serbia “aren’t false.” The Seoul Southern District Prosecutors’ Office, a unit specializing in investigating financial and securities crimes confirmed media reports that it has learned that Kwon is currently staying in Serbia.

The office is also in the process of asking Serbian authorities to send him to South Korea, although the countries don’t share an extradition treaty. The Yonhap news agency said Kwon moved to Serbia in November, citing an unnamed official at the prosecutor’s office in Seoul according to The Straits Times.

The collapse of the Terra LUNA ecosystem was probably the tipping point for the crypto market this year after it suffered a chaotic $60 billion wipeout. The TerraUSD stablecoin was meant to have a constant $1 value through a mix of algorithms and trader incentives involving its sister token LUNA. The project blew up in May setting off a $2 trillion crypto market crash and contributing to the downfall of a range of digital asset firms such as Celsius and Voyager.

Kwon has denied wrongdoing in the collapse of Terra and said capital-markets laws don’t apply to crypto tokens.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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