Serbian authorities are cooperating with South Korean officials to locate Do Kwon, the odious crypto entrepreneur who stands accused of causing the collapse of the TerraUSD stablecoin and Luna token, Bloomberg reports.
The Seoul Southern District Prosecutors' Office became aware of Kwon's presence in Serbia in November and has been seeking the Serbian government's help to arrest and extradite him ever since. South Korean officials visited the Balkan country last week.
It is worth noting that Serbia has no extradition treaty with South Korea.
Kwon has been charged with violating South Korea's capital markets law and has had his passport revoked.
As reported by U.Today, on-chain data suggests that Kwon cashed out roughly $120,000 from the Luna Foundation Guard (LFG) after recently entering Serbia.Kwon has repeatedly claimed on Twitter that he is not "on the run" but has declined to disclose his whereabouts for personal security reasons. Despite being charged with fraud, Kwon continues to deny wrongdoing and has dismissed the damning charges made against him as politically motivated.
The Terraform Labs founder made headlines in May 2022 when TerraUSD began breaking its peg to the U.S. Dollar. In virtually no time, the price of TerraUSD plummeted from $1 to 10 cents, while Luna fell from an all-time peak of $119.51 to zero.
The collapse wiped out tens of billions of market capitalization in one week and worsened the already severe crypto market rout, resulting in the downfall of numerous digital-asset outfits. Terra's downfall kickstarted the crypto winter, which continues to plague the crypto industry.
As the hunt for Kwon heats up, the crypto world remains on edge as it continues to recover from a turbulent past year. The recent fall of crypto exchange FTX and the arrest of its founder, Sam Bankman-Fried, have only added to the industry's worries. With Kwon still on the run, the search for the crypto fugitive in Serbia continues.