Korean authorities confirm search for Do Kwon News ▸ South Korea ▸ Scams
Korean authorities confirm search for Do Kwon
Korean authorities confirmed traveling to Serbia in search of Do Kwon last week, but did not comment further.
2 min read
Updated: Aug. 3, 2023 at 2:18 am UTC
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Korean officials traveled to Serbia last week in search of Do Kwon, according to Bloomberg.
The Prosecutor’s Office in Seoul confirmed that a delegation — including a member of the Justice Ministry — had made the trip, according to the Bloomberg report.
Authorities are seeking Do Kwon over the $60 billion collapse of the Terra ecosystem, according to the report. The co-founder of Terraform Labs faces multiple allegations of wrongdoing, including siphoning users’ funds and using shell companies to evade taxes.
Speaking to the Unchained Podcast in October 2022, Do Kwon said cryptocurrencies are not securities and fall outside authorities’ jurisdiction.
During the interview, he neither confirmed nor denied residing in Singapore — where Terraform Labs is incorporated. When pushed further on his whereabouts, Kwon refused to answer the question.
Intelligence points to Serbian location
In September 2022, Korean officials issued an arrest warrant for Do Kwon on charges of breaching the Capital Markets Act (CMA). Rumors were that he was on the run and had already fled Singapore at that time.
On Nov. 3, 2022, Kwon shot down talk of hiding by tweeting about an up-and-coming meetup. He signed off by inviting cops to join. In a follow-up tweet, Do Kwon said he would pay for attendees’ plane tickets. “Show up if you dare,” he wrote.
“Alright ill throw a meetup/conference soon to get over this in hiding bs
Cops from world over welcome to attend”
It was thought Do Kwon had traveled to Dubai from Singapore, then to Serbia.
South Korea and Serbia do not have an extradition treaty. However, the two countries have cooperated in the past under the European Convention on Extradition.
Is the net closing in on Do Kwon?
The frequency of Do Kwon’s tweets has reached a noticeable low.
His most recent tweet — dated Feb. 1 — was a response to the founder of BlockTower Capital, Ari Paul, who asked if the stolen money had been returned.
Do Kwon replied:
“I find that Twitter is a good place for rumors but poor place to get facts
I’ve stolen no money and never had “secret cashouts” – happy to address specific allegations
In any case, good day to you“
Do Kwon’s rumored location in Serbia has been public knowledge since December 2022. Questions arise as to why the Korean delegation made the trip last week.
Other than confirming that a party arrived in Serbia, officials declined to comment further.
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Posted In: South Korea, Scams
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
Terraform Labs
Terraform Labs is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins.
Do Kwon began his professional journey as an engineer, contributing to tech giants Apple and Microsoft.
