- The co-founder of Terraform Labs, the firm behind the Terra stablecoin protocol, is in Siberia as per South Korean media report.
- Authorities in South Korea have received a tip regarding the whereabouts of Do Kwon and they have been able to confirm the same as well.
- “Recently, we obtained intelligence that CEO Kwon was in Serbia, and it was found to be true,” an official said.
- Previously, it was thought that Do Kwon fled to Dubai and then to Singapore. Authorities believed that he was in Europe as well.
The implosion of Terra, a major stablecoin protocol, in the month of May, along with the collapse of Luna Foundation Guard and Terraform Labs, the firm responsible for the development of the project, left an ever-lasting impact on the crypto space. The person behind this entire fiasco was Do Kwon, a crypto entrepreneur and developer responsible for wiping out more than $40 billion from the crypto industry.
According to a Dec. 11 report from Chosun Mediam the location of Do Kwon has been revealed and it seems that the crypto personality might be compelled to bow down to regulatory authorities. The report states that the mastermind of the LUNA-UST model is now hiding in Siberia, a vast Russian province encompassing most of Northern Asia.
Interestingly, authorities in South Korea have received a tip regarding the whereabouts of Do Kwon and they have been able to confirm the same as well. “Recently, we obtained intelligence that CEO Kwon was in Serbia, and it was found to be true,” an official told the outlet. Furthermore, as per the report, the Ministry of Finance of South Korea “is in the process of requesting cooperation from the Serbian government” as part of the investigation.
The hunt for Do Kwon
It is crucial to note that authorities in South Korea have been hunting for Do Kwon since the implosion of Terra ecosystem. Multiple lawsuits have been filed against the crypto entrepreneur who claims to have been receiving death threats from many investors in the LUNA token (now LUNC). There have been various attempts to pinpoint the location of the crypto developer and reports even claimed that he was situated in Singapore.
As earlier reported by Bitnation, South Korean prosecutors have released statements claiming disgraced Terra founder is living in Europe as an illegal immigrant. Do Kwon has continued to evade arrest and states that his life is under threat and for that reason, he won’t reveal his location. Authorities also believed that he had fled to Dubai in September and it seems that he has been on a run lately.
It was also believed that Do Kwon could be in Singapore where he is facing a $57 million lawsuit. However, the authorities in the city state denied so. Recently, the South Korean Ministry of Foreign Affairs has released an order, demanding Kwon to return his passport to authorities within 14 days of the order and failure to surrender his passport would lead to an eventual cancellation and a future refusal to reissue.
To make matters worse, the international organization that facilitates worldwide police cooperation and crime control, Interpol, has issued a red notice for all the law enforcement agencies to locate and arrest Do Kwon.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.