South Korean authorities just confirmed that Terraform CEO Do Kwon has been hiding out in Serbia!
Here is what you need to know!
Terraform CEO Do Kwon Found Hiding In Serbia!
South Korean authorities just confirmed that Do Kwon is hiding out in Serbia, and will be working with Serbian authorities to detain him.
The 31 year-old Terraform CEO was charged with fraud and breaches of the South Korean capital markets law after his company’s TerraUSD stablecoin and Luna cryptocurrency crashed in May 2022.
He fled Singapore in September to an unknown country, and has been on the run since, even though he denied trying to run away.
I am not ‘on the run’ or anything similar – for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide.
According to a 11 December report by Chosun Media, South Korean authorities received a tip-off about Do Kwon’s location 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.
South Korea and Serbia do not have an extradition treaty with each other, but both countries have agreed to requests under the European Convention on Extradition.
Terraform CEO Do Kwon : A Quick Refresher!
Do Kwon (born Kwon Do-Hyung on 6 September 1991) is the South Korean co-founder and CEO of Singapore-based Terraform Labs, which created the stable coin TerraUSD and the Luna cryptocurrency.
Both TerraUSD and Luna collapsed in May 2022, wiping out almost $45 billion of its market capitalisation in just one week, while causing hundreds of billions of dollars to be wiped out in the crypto market.
With approximately 200,000 South Korean investors affected by the crash of TerraUSD and Luna, the South Korean government announced that it would pursue criminal charges against Do Kwon. However, Do Kwon moved to Singapore in April – just before the crash.
On September 14, the Seoul Southern District Prosecutor’s Office issued an arrest warrant against Do Kwon for allegedly committing fraud and violating South Korea’s capital market laws.
Unfortunately, Do Kwon left Singapore around that time, flying to Dubai on the way to an unknown country.
Interpol then issued a Red Notice for Do Kwon on September 26, and the South Korean Ministry of Foreign Affairs ordered him to surrender his passport on 6 October 2022, to which he responded:
Oh, I’m not using it anyway, so it doesn’t, I can’t see how that makes a difference to me.
In addition to Do Kwon, South Korean authorities also issued arrest warrants for five other people, who have not been named, over links to the TerraUSD stablecoin and the Luna cryptocurrency token.
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