According to South Korean officials, Do Kwon, the embattled Terraform CEO who oversaw the $40 billion collapse of the TerraUSD and Luna tokens, is hiding in Serbia.
Kwon left South Korea shortly after his project’s native token, LUNA, and algorithmic stablecoin, UST, nearly fell to zero, causing massive investor losses and market instability.
Chosun Media reported on December 11 that South Korean police investigated a tip-off about Do Kwon’s whereabouts and confirmed that he is currently in Serbia.
According to the report, an official from the investigation authorities said:
“Recently, we obtained intelligence that CEO Kwon was in Serbia, and it was found to be true.”
Kwon has been the target of an extensive global search. From Singapore to Dubai, the crypto community has been bombarded with rumours about the whereabouts of the Terra-Luna founder.
In September, the Financial and Securities Criminal Unit of the Seoul Southern District Prosecutor’s Office obtained an arrest warrant for Kwon on suspicion that he had misled investors. Interpol also issued a “red notice” designation for Kwon, the most severe category of wanted arrest and repatriation.
Since Terra’s collapse, South Korean authorities have been looking for Do Kwon, but they have yet to achieve any success in locating him.
According to reports, the South Korean justice ministry has asked the Serbian government for assistance with an investigation.
Kwon went to Singapore shortly before the Luna incident last April and is known to have traveled to Serbia via Dubai, United Arab Emirates. Authorities believe he is evading capture by traveling abroad.
Last month, Kwon promised to dispel the rumours about his whereabouts and even invited police officers to his conference, but he has yet to deliver on his word.
Kwon has insisted that he is not “on the run” and has made no attempt to hide in any way. Interestingly, Kwon has maintained his social media presence over the last few months.
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