Local news reports Terraform Labs founder Do Kwon is in Serbia sauce.
A South Korean official said:
“Recently, we received information that CEO Kwon is in Serbia, and it turned out to be true.”
Authorities knew Kwon had fled Dubai somewhere, but their final destination was unknown. It is revealed to be Serbia, but it is unknown why Kwon chose to go there. Officials are considering whether Kwon has an aide in the area.
Following this discovery, South Korea’s Ministry of Justice began the necessary process to request Serbia’s cooperation with the investigation by issuing an arrest warrant for Kwon.
case update
TerraUSD (USTC) lost its peg in early May, triggering the collapse of the Terra (LUNA) ecosystem and pushing the cryptosphere into a bear market.
Officials got involved in the collapse when Kwon was accused of withdrawing $80 million per month from the LUNA project. Kwon denied and defended his allegations.
The investigation has continued since then. South Korea is the main authority in the conflict, demanding Kwon’s return and cooperating with the investigation. .
Given the circumstances, South Korea has asked Interpol to intervene to assist the investigation. On September 26, the International Criminal Police Organization issued a red notice to Do Kwon, urging all law enforcement agencies around the world to find and arrest him.
South Korea also arrested Kwon’s aide, Yu Moo, on October 6, but had to release him the next day because the court denied the arrest warrant.
Kwon’s latest update came on Nov. 8 when she appeared on a live stream on her Twitch channel UpOnlyTV. The stream was the first few hours of his FTX collapse, and Kwon spoke briefly about the crisis. He refrained from his whereabouts or commented on the ongoing investigation.
