South Korean officials reportedly travel to Balkan nation to find Do Kwon

• Two South Korean officials traveled to Serbia to track down Do Kwon.
• The Terraform Labs founder was last reported in Serbia after fleeing Singapore following Terra’s collapse.

Two officials from South Korea reportedly traveled to Serbia last week to track down Do Kwon, the man behind Terraform Labs and LUNA. Kwon has been on the run since a Seoul court issued a warrant for his arrest in September last year. 

Prosecutor’s office confirms officials’ visit to Serbia

According to a 7 February report published by Bloomberg, the prosecutors’ office in the South Korean city of Seoul confirmed that a prosecutor and a senior official from the Justice Ministry had visited the Balkan nation, adding that the reports of this visit “aren’t false.”

Reports of Do Kwon hiding in Serbia emerged in December 2022 after South Korean media reported that the intelligence agencies had confirmed the crypto fugitive’s location. Chosun Media reported that the South Korean Ministry of Justice was requesting cooperation in the investigation from the Serbian government. 

Do Kwon had left his home country and fled to Singapore shortly before his crypto empire came crashing down in May 2022. By September 2022, authorities in Singapore confirmed that Kwon was no longer in the country. It was subsequently reported that he had flown to Dubai before moving to another location. 

South Korea does not have an extradition treaty with Serbia, which makes it a suitable place for the Terra founder to avoid investigation. Kwon has been accused of violating capital market laws and is currently facing charges over the $60 billion wipeout of his digital assets, including TerraUSD [UST] and Terra LUNA. 

In September 2022, South Korea’s Ministry of Foreign Affairs demanded that Do Kwon surrender his passport. This was followed by the country’s law enforcement seeking an Interpol red notice for Kwon. Earlier on 1 February, the Terraform Labs founder took to Twitter to defend himself after being accused of stealing money and making secret cash-outs.