Do Kwon reportedly located in Serbia News ▸ South Korea ▸ Crime
Do Kwon reportedly located in Serbia
Korean Ministry of Justice is asking Serbia to issue an arrest warrant for Terraform Labs founder Do Kwon.
2 min read
Updated: Aug. 24, 2023 at 5:12 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Terraform Labs founder Do Kwon is located in Serbia, according to local news sources.
An official from Korean enforcement stated:
“Recently, we obtained intelligence that CEO Kwon was in Serbia, and it was found to be true.”
The authorities were aware that Kwon had fled somewhere from Dubai, but the final destination was unknown. Even though it is now revealed to be Serbia, it is unknown why Kwon chose to go there. The authorities are considering whether Kwon has an aide in the area.
Upon this discovery, the Korean Ministry of Justice started the necessary process to request Serbia’s help in the investigation by releasing an arrest warrant for Kwon.
Updates on the case
TerraUSD (USTC) lost its peg in early May and causing the collapse of the Terra (LUNA) ecosystem and pushing the crypto sphere into the bear market.
The authorities got involved with the collapse when Kwon was accused of withdrawing $80 million per month from the LUNA project. The total amount added up to around $2.7 billion. Kwon denied the allegations and lawyered up.
The investigation has been going on since then. South Korea has been the primary authority in the dispute and has been requesting Kwon’s return to the homeland and collaborating with the investigation. Kwon has been replying by denying that he is on the run but also hasn’t been making any attempts to contact the authorities or reveal his location.
Given the situation, Korea has asked Interpol to step in to help with the investigation. On Sept. 26, Interpol issued a red notice for Do Kwon, requesting all law enforcement in the world to locate and arrest him.
Korea also arrested Kwon’s aide Yoo Moo on Oct. 6 but had to release him a day later after the court dismissed the arrest warrant.
The most recent update on Kwon came on Nov. 8, when he appeared in the live stream of the Twitch channel UpOnlyTV. The stream was during the first hours of the FTX collapse, and Kwon only spoke briefly about the crisis. He restrained his location or commented on the ongoing investigation.
Mentioned in this article
Posted In: South Korea, Crime
Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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In this article
Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic.
TerraClassicUSD
$0.02113
TerraUSD (UST) is a decentralized and algorithmic stablecoin on the Terra blockchain.
Terraform Labs
Terraform Labs is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Do Kwon began his professional journey as an engineer, contributing to tech giants Apple and Microsoft.