According to a local news source, Do Kwon, the founder of Terraform Labs, currently resides in Serbia.
According to a Korean enforcement official:
“We recently discovered that the intelligence we had about CEO Kwon’s whereabouts in Serbia was accurate.”
The exact location of Kwon’s flight from Dubai was unknown to the officials, although they were aware that he had left Dubai. Even though Serbia has since been identified as the location, it is not clear why Kwon went there. Whether Kwon has a helper in the region is being considered by the authorities.
Following this development, the Korean Ministry of Justice issued an arrest warrant for Kwon to begin the procedure required to ask Serbia for assistance in the investigation.
Early in May, TerraUSD (USTC) lost its peg, leading to the demise of the Terra (LUNA) ecosystem and the beginning of the cryptocurrency industry into a bear market.
Terra’s case progress
The authorities became engaged in the collapse when Kwon was accused of taking $80 million out of the LUNA project each month. It came to almost $2.7 billion in total. Kwon however hired an attorney and refuted the accusations.
Since then, the probe has been going on. The key authority in the conflict has been South Korea, which has pushed for Kwon’s repatriation and cooperated with the investigation. Kwon has been responding by denying that he is on the run, but he has also not been attempting to get in touch with anyone or reveal his location.
Korea has asked Interpol to assist with the investigation because of the current circumstances. Do Kwon was given a red notice by Interpol on September 26 asking for his whereabouts and arrest by all law enforcement agencies worldwide.
On October 6, Korea also detained Kwon’s assistant Yoo Moo but had to release him a day later after the court dismissed the arrest warrant.
Kwon’s most recent development occurred on November 8 when he made an appearance at the UpOnlyTV live stream on Twitch. Kwon only briefly spoke about the issue during the webcast, which took place in the early hours of the FTX crash. He neither commented on the ongoing investigation nor his current location.