On the 11th of this month, Do Kwon – the CEO of Terraform Labs and the person considered at the back of Luna collapse that resulted in losses of 50T won – was reportedly in Serbia. The Luna crisis took place in May this year in which the main cause was the breakdown of the virtual currencies Terra and Luna’s prices. An official associated with the investigative authority asserted that they have recently got intelligence that the reports about Terra CEO’s stay in Serbia are true.
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Terra Founder Reportedly Stays in Serbia after Fleeing from South Korea
The Financial and Securities Crimes Joint Unit of the Seoul Southern District Prosecutor released a warrant to arrest him in September 2022 for reportedly offering wrong information to the company’s investors. Apart from that, Interpol has included the name of Terra founder in its red list containing the names of the prominent persons in terms of their wanted level to be arrested. The reports also point out that the South Korea-based Ministry of Justice is persuading the government of Serbia to be assistive in the investigation.
Formerly, the news brought to the front that it was in April when Kwon moved to Singapore just in advance of the Luna crisis’ beginning. Since that time, he has been residing in Serbia through the United Arab Emirates and Dubai. According to the prosecutors, Do Kwon has been on a run to foreign jurisdictions to escape any investigation against him.
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Nonetheless, the purpose behind Kwon’s move toward Serbia has not yet been clarified. The authorities involved in the investigation are reportedly exploring if the Terra founder took any special assistance from certain people in Serbia. His location became ambiguous for the first time in mid-September when the authorities released the arrest warrant. Subsequently, his passport was cancelled by the authorities when his name was entered in the red list.
US Authorities Attempt to Find a Link between Terra and FTX Incidents
In October, the prosecutors signified that Kwon ran away to Dubai to further move to other destinations. The exact cause of the Terra crash is a mystery up till now. The authorities in the United States are examining the potential connections to the FTX founder Sam Bankman-Fried. Bankman-Fried’s crypto exchange as well as the trading entity Alameda Research slumped recently into bankruptcy.
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