Terraform Labs founder Do Kwon is located in Serbia, according to local news sources.
An official from Korean enforcement stated:
“Recently, we obtained intelligence that CEO Kwon was in Serbia, and it was found to be true.”
The authorities were aware that Kwon had fled somewhere from Dubai, but the final destination was unknown. Even though it is now revealed to be Serbia, it is unknown why Kwon chose to go there. The authorities are considering whether Kwon has an aide in the area.
Upon this discovery, the Korean Ministry of Justice started the necessary process to request Serbia’s help in the investigation by releasing an arrest warrant for Kwon.
Updates on the case
TerraUSD (USTC) lost its peg in early May and causing the collapse of the Terra (LUNA) ecosystem and pushing the crypto sphere into the bear market.
The authorities got involved with the collapse when Kwon was accused of withdrawing $80 million per month from the LUNA project. The total amount added up to around
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