Terra Founder and Fugitive Do Kwon Is In Serbia

As per the latest developments, Terra founder and crypto fugitive Do Kwon has moved to Serbia as per the latest investigation by South Korean authorities.

Since the collapse of the Terra ecosystem in May 2022, Do Kwon has been in hiding. Although assumed to be staying in Singapore earlier, Kwon wasn’t spotted in the country when South Korean authorities tightened their investigation.

Now, the authorities in South Korea are requesting cooperation from the Serbian government. As per the Chosun IIba paper published Do Kwon is currently staying in the landlocked Balkan nation.

As per the local news agency Yonhap, Kwon moved to Serbia last month as per an unnamed official at Seoul’s prosecutors’ office.

The collapse of the Terra ecosystem earlier this year in May 2022 sent shockwaves across the entire crypto space. Terra’s native stablecoin TerraUSD (UST) lost its peg to the U.S. Dollar which further liquidations of its native cryptocurrency LUNA.

Terra Founder on The Run

As said, Do Kwon was previously residing in Singapore, at least until mid-September 2022 when South Korea issued an arrest warrant for Do Kwon on charges of breaching capital-markets law. The Terra founder has been on the run since then with Interpol issuing a red notice to Do Kwon.

On the other hand, the 31-year-old Do Kwon has denied any wrongdoing with Terraform Labs arguing that the capital-markets legislation doesn’t apply to crypto tokens.

Although Kwon’s physical location remains unknown, the Terra founder has been making appearances on his social media handle, Twitter. In a recent set of allegations, Kwon put the blame entirely on SBF and Genesis for the Terra-LUNA collapse.

He believes that crypto lender Genesis Global provided SBF with $1 billion in UST stablecoin, which served as ammo for the peg attack on TerraUSD. But this seems to be a blame game for now and no concrete evidence is available yet.