Search for South Korean Crypto Fugitive Dokwon Leads to Serbia

South Korean prosecutors believe Do Kwon, the failed entrepreneur behind the $40 billion terraUSD and luna token implosion, is hiding in Serbia.

They are working with Serbian authorities to try to find and detain him, according to the Seoul Southern District Public Prosecutor’s Office, which is investigating the bankruptcy of Terraform Labs, Kwon’s cryptocurrency operator.

Kwon was indicted in his home country for fraud and violating capital market laws after his terraUSD and luna coins collapsed in May.

Prosecutors said in October that he traveled to an unknown country via Dubai after leaving Terraform’s headquarters in Singapore. South Korea canceled Kwon’s passport in November.

Interpol has issued a red notice to Kwon At the request of Seoul. South Korea does not have an extradition treaty with Serbia, but both countries are parties to the European Extradition Treaty.

the investor Started class action lawsuit Plays against Kwon in Singapore and the United States. Kwon has denied wrongdoing but has apologized to victims of the collapse of the blockchain system. claimed.

“It will not be easy to detain and extradite him to South Korea despite the International Criminal Police Organization’s red flag,” said Kim Hyun-jun, director of Korea University’s Cryptocurrency Research Center. “Given the lax border controls in Europe, Kwon may have already fled to another country.”

The main cause of Kwon’s implosion Cryptocurrency It remains unclear despite South Korean prosecutors expanding their investigation. They sought an arrest warrant for Terraform Labs co-founder Daniel Shin, but a South Korean court denied the request.

The New York Times reported last week that Sam Bankman-Fried, the founder of bankrupt crypto exchange FTX, and his hedge fund Alameda Research were manipulating the markets that led to the demise of Kwon’s Twincoin. It is reported that federal prosecutors are reinvestigating whether they orchestrated the

Kwon released a series of tweets last week, revealing how FTX, Alameda and global crypto lender Genesis Trading contributed to the TerraUSD/Luna crisis, leading to the coin’s demise. urged Bankman-Fried to release details of the deal.

FTX’s demise comes as South Korea’s fifth-largest cryptocurrency exchange Gopax’s service was suspended and wemix, the native token issued by South Korean game developer Wemade, was delisted from South Korean exchanges. has also hit the cryptocurrency market. .