Terra Founder ‘Not on the Run’ Is Now in Serbia: Prosecutor

Embattled crypto entrepreneur Do Kwon is now believed to be based in Serbia, having already hopped from South Korea to Singapore and Dubai


Terraform Labs co-founder Do Kwon | Blockworks exclusive art by Axel Rangel


Terraform Labs founder and Interpol fugitive Do Kwon — who has repeatedly claimed not to be on the run — is now thought to be in Serbia.

The Seoul South District Prosecutors’ Office obtained information indicating the controversial crypto figure has been sheltering in the Eastern European nation for more than a month, local media reported Sunday.

South Korean prosecutors have asked Serbian authorities to send Kwon back, although there’s no extradition treaty existing between the two countries. It is unclear whether Kwon supposedly went there to escape prosecution.

Interpol issued a global request to arrest Kwon, also known as a “Red Notice,” in September over charges relating to the collapse of Terra’s algorithmic stablecoin ecosystem this year. 

Terra’s dramatic depegging sent the combined market value of its stablecoin UST and adjacent token LUNA from $45 billion to practically zero in a matter of days. The sudden crash led some of the industry’s most prominent crypto lenders, including Celsius and Voyager, to file for bankruptcy in part due to their Terra exposure.

Kwon mocked the Red Notice shortly after its issue, as well as prosecutors, claiming he could be found “writing code” in his living room and that he was “making zero effort to hide.” 

South Korean authorities have said Kwon was “obviously on the run” and refuses to cooperate. His passport has since been invalidated, and it’s unclear exactly how Kwon allegedly made it to Serbia. Korean authorities did not immediately return a request for comment.

Kwon’s last known location was previously thought to have been Dubai. He allegedly fled to Singapore sometime in April. From there, it’s thought he made the journey to Serbia, per reports.

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