South Korean authorities report that Terra co-founder Do Kwon is reportedly hiding in Serbia. They are attempting to cooperate with the Serbian government on a deal for extradition.
South Korean media outlets report that Terraform Labs co-founder Do Kwon is in Serbia. The controversial crypto figure has been on the run since the collapse of the Terra ecosystem amid many investigations and lawsuits.
Prosecutors in South Korea said that Kwon had moved to Serbia from Singapore via Dubai. Reports earlier in the year stated that Kwon could be in Dubai. The Ministry of Justice in South Korea is reportedly asking for the cooperation of the Serbian government in the case. South Korea and Serbia do not have an extradition treaty, but both have acceded to the European Convention on Extradition.
Kwon has also had his passport invalidated, which would make his travel nigh impossible. Though, there is a chance that he may have already crossed into a neighboring country.
Prosecutors state that Kwon is absconding to avoid the investigation. Kwon has denied this in the past and tweets every now and then. Officials issued an arrest warrant for Kwon, roping in Interpol, which published a red notice.
Terra Co-Founder Not Backing Down
The Terraform Labs collapse and Kwon’s status are two of the major events in the industry in 2022. The other is the fact that FTX collapsed — and U.S. authorities are investigating whether Sam Bankman-Fried was involved in Terra’s crash. It would be a seismic event if it were indisputably proved, combining two of the most significant events in the market’s recent history.
Kwon himself has blamed SBF and Genesis Trading for the collapse. He published a series of tweets on Dec. 8, saying, “what’s done in darkness will come to light.”
Kwon has also taunted investigators, putting forward the idea of planning an international meeting for cops. He asked them to “show up if they dare.” His cavalier attitude adds drama to what is already a high-profile case, and one wonders how long his run will last.
Terra Community Continues with its Plans
While investigators go after Kwon, the Terra Classic Community has continued with its efforts to revive the ecosystem. The community began voting on a proposal to separate Terraform Labs from Kwon.
The community seems to firmly believe that continuing without Kwon would benefit the project. The Terra Classic token experienced a mild bump from the news, though it has fallen since.
Meanwhile, a South Korean court rejected arrest warrants for co-founder Daniel Shin and seven others. The decision was made because the judge ruled that there wasn’t enough proof that they tried to destroy evidence or escape.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.