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.
Get the news in your inbox. Explore Blockworks newsletters:
- Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
- Empire: Start your morning with the top news and analysis to inform your day in crypto.
- Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
- 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
- Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
- The Drop: For crypto collectors and traders, covering apps, games, memes and more.
