South Korean authorities report that Terra co-founder Do Kwon is allegedly hiding in Serbia. They are trying to cooperate with the Serbian government on an agreement on extradition.
South Korean media reports that Terraform Labs co-founder Do Kwon is in Serbia. The controversial crypto figure has been on the run since the collapse of the Terra ecosystem amid numerous investigations and lawsuits.
Prosecutors in South Korea said Kwon had moved to Serbia from Singapore via Dubai. Reports earlier in the year said Kwon could be in Dubai. The Ministry of Justice in South Korea is reportedly asking for cooperation from the Serbian government in the case. South Korea and Serbia do not have an extradition treaty, but both have acceded to the European Extradition Convention.
Kwon has also had his passport invalidated, which would make his travel almost impossible. However, there is a chance that he has already crossed into a neighboring country.
The prosecutor states that Kwon is running away to avoid the investigation. Kwon has denied this in the past and tweets every now and then. Officials issued an arrest warrant for Kwon, calling in Interpol, which published a red notice.
The Terra co-founder is not retiring
The Terraform Labs collapse and Kwon’s status are two of the big events in the industry in 2022. The other is the fact that FTX collapsed — and US authorities are investigating whether Sam Bankman-Fried was involved in Terra’s crash. It would be a seismic event if proven beyond doubt, combining two of the most significant events in the market’s recent history.
Kwon himself has blamed SBF and Genesis Trading for the collapse. He published a series of tweets on December 8, saying: “What is done in darkness will come to light.”
Kwon has also taunted investigators and promoted the idea of planning an international meeting for the police. He told them to “turn up if they dare.” His cavalier attitude adds drama to what is already a high-profile case, and one wonders how long his run will last.
While investigators go after Kwon, the Terra Classic Community has continued its efforts to revive the ecosystem. The community began voting on a proposal to separate Terraform Labs from Kwon.
The community seems to be convinced that it will benefit the project to continue without Kwon. The Terra Classic token experienced a mild bump from the news, although it has since fallen.
Meanwhile, a South Korean court rejected arrest warrants for co-founder Daniel Shin and seven others. The decision was made because the judge ruled that there was not enough evidence that they tried to destroy evidence or escape.
BeInCrypto has reached out to the company or person involved in the story for an official statement on the latest development, but has yet to hear back.