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

article-image

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

share

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.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Templates.png

Research

ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.

article-image

Plus, is Polymarket this cycle’s breakthrough mainstream app?

article-image

The crypto asset manager lowered its planned fee from 0.25% to 0.15%, undercutting its competitors

article-image

Plus, a look at planned ETH ETF fees and how they differ from their BTC counterparts

article-image

North Korea suspected in breach of Indian exchange’s multisig wallet

article-image

Plus, Sanctum’s CLOUD token has officially launched — but not without problems

article-image

It’s not yet clear whether Donald Trump is pumping bitcoin. But an unofficial memecoin is still seeing benefit.