Serbian authorities are cooperating with South Korean officers to find Do Kwon, the odious crypto entrepreneur who stands accused of inflicting the collapse of the TerraUSD stablecoin and Luna token, Bloomberg experiences.
The Seoul Southern District Prosecutors’ Workplace grew to become conscious of Kwon’s presence in Serbia in November and has been in search of the Serbian authorities’s assist to arrest and extradite him ever since. South Korean officers visited the Balkan nation final week.
It’s value noting that Serbia has no extradition treaty with South Korea.
Kwon has been charged with violating South Korea’s capital markets legislation and has had his passport revoked.
As reported by U.Right this moment, on-chain information means that Kwon cashed out roughly $120,000 from the Luna Basis Guard (LFG) after lately getting into Serbia.
Kwon has repeatedly claimed on Twitter that he’s not “on the run” however has declined to reveal his whereabouts for private safety causes. Regardless of being charged with fraud, Kwon continues to disclaim wrongdoing and has dismissed the damning costs made in opposition to him as politically motivated.
The Terraform Labs founder made headlines in Might 2022 when TerraUSD started breaking its peg to the U.S. Greenback. In just about no time, the value of TerraUSD plummeted from $1 to 10 cents, whereas Luna fell from an all-time peak of $119.51 to zero.
The collapse worn out tens of billions of market capitalization in a single week and worsened the already extreme crypto market rout, ensuing within the downfall of quite a few digital-asset outfits. Terra’s downfall kickstarted the crypto winter, which continues to plague the crypto business.
Because the hunt for Kwon heats up, the crypto world stays on edge because it continues to recuperate from a turbulent previous yr. The current fall of crypto alternate FTX and the arrest of its founder, Sam Bankman-Fried, have solely added to the business’s worries. With Kwon nonetheless on the run, the seek for the crypto fugitive in Serbia continues.