After Collapsing Terraform Labs, CEO Do Kwon Is On The Lam — In Serbia: Report

Zinger Key Points
  • On radar of the Interpol, Do Kwon is currently hiding in Serbia, according to a report.
  • The co-founder of Terraform Labs is wanted in connection with the collapse of the Terra ecosystem.

Terraform Labs co-founder and CEO Do Kwon, wanted internationally in relation to the collapse of the Terra ecosystem, has traveled from Dubai to Serbia, where he is currently hiding.

Terraform Labs was the company behind the creation of the stablecoin terraUSD USTC/USD, which was de-pegged from the dollar in May.

The de-pegging led to a collapse of the algorithmic stablecoin LUNA LUNA/USD, the first major collapse which accelerated the crypto winter earlier this year.

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South Korea has already issued an arrest warrant for Kwon.

Additionally, Interpol had issued a "red alert" for the co-founder, asking law enforcement agencies all over the world to find and temporarily detain a person pending extradition, surrender, or equivalent legal action.

Kwon was in Serbia, according to the Seoul Southern District Prosecutor's office, and the local Ministry of Justice was in the process of requesting Serbian authorities' assistance in the probe, according to CoinDesk Korea.

Kwon reportedly left South Korea in April for Singapore, then traveled to Dubai in October before arriving in Serbia.

His passport has already been canceled, so police are unable to examine official records, prompting concerns that he may have already relocated to another nation.

Kwon was in Europe, according to Bloomberg.

Meanwhile, a South Korea court dismissed prosecutors' request for an arrest warrant against Terraform co-founder Daniel Shin.

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