Crypto Fugitive Do Kwon Hiding in Serbia: South Korea

Do Kwon, the Disgraced Tycoon Behind TerraUSD and Luna Token Crash messed up cryptocurrencies asset market He went into hiding in Serbia in May, according to South Korean prosecutors who sought his detention.

South Korean national Kwon traveled from Singapore, where he lives, to Dubai and eventually to Serbia, where he was running blockchain platform Terraform Labs, a spokesman for Seoul’s Southern District Prosecutors Office told CNN on Tuesday.

The office learned in November that Kwon was in Serbia and was tracking him, according to the spokesman, adding that it was seeking the assistance of the Serbian government to arrest and extradite him.

In September, a South Korean court issued a arrest warrant For him, after his company was accused of fraud by investors after its collapse.

Kwon was charged with fraud and violation of South Korea’s capital market law.he october says He did not believe the allegations were legitimate, adding they were “politically motivated”.

Cryptocurrency developers repeatedly claimed on twitter He is not “at large”, but refused to disclose his whereabouts out of concerns for his personal safety.

Terraform Labs is behind the TerraUSD “stablecoin,” which theoretically aims to preserve the $1 price point, as well as its sister coin, Luna.Both tokens lost a lot of value in a few days in May, wiping tens of billions of dollars of value from the crypto market and setting off a panic The entire speculative industry.

The collapse of the two linked coins kicked off the so-called “crypto winter,” from which the industry has struggled to recover even though it has suffered another massive blow. Crypto exchange FTX collapses November. FTX founder Sam Bankman-Fried was arrested in the Bahamas on Monday after U.S. prosecutors filed criminal charges against him.

— Jon Sarlin contributed to this report.

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