South Korean officers traveled to Serbia to seek out Do Kwon

The hunt for the controversial founding father of the now-collapsed Terra ecosystem, Do Kwon, has intensified with South Korean officers reportedly confirming they despatched at the least two folks to Serbia to trace him down.

In response to a Feb. 7 Bloomberg report, the prosecutor’s workplace in Seoul stated the stories “aren’t false” concerning members of its staff trekking out to the Balkan state to seek out Kwon.

It seems at the least two state officers went — one from the prosecutor’s workplace and the opposite being a senior member of South Korea’s Justice Ministry.

Do Kwon talking at a convention about Terra earlier than the ecosys. Supply: Terra.

South Korean-based publication Chosun Media confirmed on Dec. 11 {that a} state intelligence official knowledgeable them that Kwon had primarily based himself in Serbia.

There’s at the moment no extradition treaty in impact between South Korea and Serbia.

This probably made Serbia an amazing hideout spot for Kwon, in accordance with a latest opinion article from Minso Kim — a author for the South Korean publication Chosun Media.

South Korea has nonetheless stripped Kwon of his passport which can make future journey tougher.

Kwon has been accused of being on the run since Sept. 14 when South Korean prosecutors issued an arrest warrant in opposition to him, an accusation that he denied in October.

The 31-year-old fallen entrepreneur has additionally been accused of breaching capital markets legal guidelines.

Whereas Kwon is understood to be a prolific tweeter, he went practically two months with out tweeting or retweeting a single put up — inflicting some to take a position what the controversial determine has been as much as.

However Kwon just lately responded to an evocative tweet focused at him, stating that he hasn’t stolen any cash and has by no means had any “secret cashouts.”

To this point, Kwon denies any wrongdoing.

Associated: Terraform Labs claims case in opposition to Do Kwon is ‘extremely politicized’: WSJ

The collapse of the Terra ecosystem was partly triggered by the de-peg of its TerraClassicUSD (USTC) algorithmic stablecoin, Terra Basic (LUNC) was intently linked to the stablecoin with that too falling near 100%.

Roughly $60 billion price of worth was worn out of the ecosystem.

Cointelegraph reached out to Terraform Labs and the South Korean Prosecutor’s workplace for remark however didn’t obtain an instantaneous response.