It is understood that Terraform Labs’ controversial founder and CEO Do Kwon is currently located in the Southeast European nation of Serbia after leaving Singapore in September.
A Dec. 11 report states that report Chosun Media reports that South Korean authorities have confirmed that Do Kwon is in Serbia following a tip-off.
“Recently we received intelligence that CEO Kwon had been in Serbia,” an official stated to the outlet.
The report also states that South Korea’s Ministry of Finance “is in the process of requesting cooperation from the Serbian government” as part of the investigation.
South Korean authorities have been looking for Do Kwon’s location since Terra’s collapse but have not been able to locate him.
The 31-year-old was understood to have moved to Singapore towards the end of April just before the Terra ecosystem’s shock collapse.
Kwon was arrested by the Seoul Southern District Prosecutor’s Office’s Financial and Securities Criminal Unit on Sept. 14 for violating South Korean capital market laws.
Kwon was not in Singapore at the time. Authorities believed that he had flown to Dubai as a transit flight to an unknown destination.
Shortly after on Sept. 26, Interpol also reportedly issued a “Red Notice” against Kwon. As of today, however, Do Kwon’s listing still doesn’t appear to have been added to Interpol’s Red Notice database on the website.
In October, South Korea’s Ministry of Foreign Affairs issued an order for Kwon to surrender his passport on Oct. 6. Kwon’s passport would be cancelled if he didn’t comply, the Ministry stated.
Later that month, South Korea’s prosecutors were announced. confirmed reports that Do Kwon had flown to Dubai for a possible stopover before heading to another destination — which as it turns out, might be Serbia.
It remains to be seen if Do Kwon is in Serbia if this happens.
South Korea is the only country that has a similar system. entered Serbia is not part of a bilateral extradition treaty. South Korea, however, has signed a multilateral extradition treaty with 31 countries. Serbia is not a signatory.
Related: Do Kwon, Terra founder, is facing a $57-million lawsuit from Singapore
Kwon has maintained that he is not “on the run” and that he’s “making zero effort to hide,” and has continued to be active on social media over the last few months.
Partly due to the depegging its algorithmic stablecoin Terra USD Classic (formerly UST), in May, the collapse of Terra’s ecosystem was caused by its sister asset Luna Classic (formerly LUNA), which brought down Terra USD Classic (formerly UST) almost 100%.
Cointelegraph reached Terraform Labs representatives for comment, but was not immediately contacted.