July 23, 2024


Technological development

Terra’s Do Kwon flew to Serbia, S.Korean prosecutor says

Interpol fugitive Kwon Do-hyung, who is wanted for questioning in the US$40 billion collapse of his cryptocurrency project, flew to the Republic of Serbia last month, South Korean prosecutors told Forkast, confirming local media reports.

See related article: Crypto fugitive Do Kwon said to be hiding in Europe, mocks ‘cops from world over’ in series of tweets

Fast facts

  • Prosecutor Choi Sung-kook of the Seoul Southern District Prosecutors’ Office said it hadn’t been confirmed if the former head of the Singapore-based cryptocurrency company Terraform Labs Pte. is still in Serbia.
  • South Korea’s Ministry of Justice is requesting investigative assistance from the Serbian government, Choi said, confirming a report by the local Yonhap news agency.
  • Kwon, a South Korean national usually known as Do Kwon, had his passport nullified last month as part of efforts to locate and extradite him to South Korea, where he faces multiple charges, including fraud and violation of the Capital Markets Act.
  • Interpol has issued a “red notice” on Kwon, which asks law enforcements worldwide to locate and provisionally arrest an individual. He is believed to have left his home in Singapore in September, traveled to Dubai and then left for Serbia.  
  • South Korean prosecutors have been investigating Kwon, Terraform Labs and some of its former employees since the collapse of the Terra-Luna stablecoin in May, causing losses to hundreds of thousands of investors in South Korea and around the world. 
  • The Seoul Southern District Prosecutors’ Office has suspended the statute of limitations on Kwon’s criminal charges as they believe he is on the run to evade the investigation.
  • Kwon has repeatedly claimed that he is not “on the run” and is open to communicating with the authorities, but said he will not disclose information on his whereabouts due to concerns about his personal security. He has also said the investigation is politically motivated.
  • The prosecutors have also requested an arrest warrant to detain Terraform Labs cofounder Shin Hyun-seung also known as Daniel Shin. This request was dismissed by a Seoul court earlier this month, saying Shin is not a flight risk and has cooperated with the investigation.

See related article: S.Korean prosecutors mull second request of arrest warrant for Terra cofounder Daniel Shin