Authorities looking to get former Terra (LUNA) founder Do Kwon found him flying to Serbia, a country believed to be his main hideout.
According to a report published by Bloomberg on Tuesday, a team of South Korean authorities went to Serbia last week to ask for help from the government to track down and identify Do Kwon.
Based on the report, the Seoul prosecutor’s office has confirmed the news, adding that high-ranking officials from the Ministry of Justice are also among the visiting group.
What is Do Kwon in Serbia?
A delegation of South Korean authorities has asked the Serbian government for help in deporting Kwon.
Most of the delegation included prosecutors handling Kwon’s case in South Korea.
Prosecutors in South Korea claimed Do Kwon was “hiding” in Serbia in early December, and have formally requested his extradition from the European country.
Prosecutors also claim he left South Korea for Singapore at the time of the Terra Luna crash, and then moved to Serbia via Dubai in September.
Arrest Warrant & Interpol Red Notice
Kwon has had his South Korean passport revoked, making it impossible for him to leave the country.
There is a warrant out for his arrest, along with several other Terraform executives, and Interpol has issued a Red Notice asking law enforcement agencies around the world to arrest Kwon.
The manhunt for Do Kwon intensifies. Image - Coincu News
Kwon disappeared from the public eye when an arrest warrant was issued against him in September 2022.
Aside from the $60 billion in digital assets lost due to Terra’s collapse in the cryptocurrency market, Kwon also faces other charges. One is the allegation that he violated South Korea’s capital market laws because of the crash.
Kwon Feigns Responsibility, Maintains Innocence
Despite these accusations, Kwon refused to admit that he was the cause of the crash of the crypto ecosystem and the loss of billions in digital assets.
In a Twitter post on February 1, he stated that he did not steal any money and that the accusation of “secret spending” was just a rumor, despite reports that he withdrew $120,000 from the Luna Foundation Guard (LFG).
Massive Fall From Grace
Over four years, the Terra network and its former CEO rose to prominence in the cryptocurrency industry, only to suffer a catastrophic fall from grace.
The cryptocurrency market around the world was recently rocked by the collapse of the Luna crypto network, which is considered the biggest crypto crisis in history, with an estimated $60 billion lost.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
Meanwhile, South Korean prosecutors are having a tough time pressing charges against Kwon’s former colleagues due to the lack of proper crypto regulations.
The Republic of Serbia does not have an agreement with the South Korean government regarding extradition cases.
This will be a major obstacle for the South Korean authorities who are hoping that the Serbian government will help them quickly arrest Do Kwon.
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