Is Kwon hiding in Serbia?

Information provided by the Korean prosecutor on December 12. South Korea is looking to arrest Do Kwon on charges of fraud and market manipulation in the wake of the collapse of the Luna and TerraUSD cryptocurrencies.

The Seoul Southern District Prosecutor’s Office – which specializes in investigating securities and financial crimes – confirmed to the media about Kwon’s whereabouts in Serbia. He was in Serbia for a month, after leaving the United Arab Emirates. In early September, Kwon was seen in Singapore. The office is asking the Serbian authorities to send Kwon back to South Korea, even though the two countries do not have an extradition treaty.

A week earlier, a Seoul court dismissed the arrest warrant for another Terraform founder, Daniel Shin. The court held that it was not necessary to arrest Shin because he did not tend to run away or destroy evidence.

In September, Interpol issued a “red notice” for Kwon at the request of South Korean authorities. A red notice requires law enforcement agencies around the world to locate and temporarily arrest a designated person, pending extradition or other legal action. The website of the Korean Ministry of Foreign Affairs states that Kwon’s passport is invalid and has been administratively invalidated.

South Korean prosecutors began investigating in May after the investor filed a complaint against Kwon. They accused Kwon of operating a multi-level line, causing billions of won in losses. Kwon’s Twitter account says he’s still in Singapore, where Terraform Labs is based. Kwon denies wrongdoing. In a tweet posted on September 18, he also affirmed “holds an exceptionally high standard of integrity and looks forward to clarifying the facts of the case over the next few months.”

Both Kwon and Shin attended school in the US before opening Terrafrom Labs in 2018. Kwon studied computer science at Stanford University, and Shin studied economics at the Wharton School of the University of Pennsylvania.

(According to Nikkei, Yonhap)