Hunt for Do Kwon Intensifies As South Korean Authorities Work With Serbian Officials: Report

Authorities in South Korea are reportedly seeking help from officials in Serbia to expedite the arrest of embattled Terraform Labs CEO and co-founder Do Kwon.

According to Bloomberg, a senior Justice Ministry official and a team from the prosecutor’s office in Seoul traveled to Serbia last week amid reports that Kwon is hiding in the Balkan nation.

Kwon faces charges for the $60 billion collapse of the stablecoin TerraUSD (UST) and the crypto asset Luna.

The Terra ecosystem collapsed when TerraUSD lost its peg to the US dollar, which resulted in both the UST and LUNA plummeting to essentially zero.

Kwon’s whereabouts have been unknown since South Korean authorities issued a warrant in September. Reports surfaced last year that the crypto developer is hiding in Dubai.

South Korea revoked Kwon’s passport after Interpol issued a red notice asking law enforcement worldwide to help in the search.

Amid the manhunt, Kwon claims that he is making zero effort to hide. He also denied wrongdoing in a tweet posted on February 1st.

“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.”