Authorities who are out to get former Terra (LUNA) founder Do Kwon find themselves flying to Serbia, a country that they have been tipped with as his primary hiding place.
According to a report published by Bloomberg on Tuesday, a team of South Korean authorities traveled to Serbia last week to ask for assistance from the government to track and pin down Do Kwon.
Based on the report, the Seoul prosecutor’s office has confirmed the news, adding that a high-ranking official from the Justice Ministry was also part of the visiting group.
The delegation of South Korean authorities has made a request for assistance from the Serbian government for Kwon’s deportation.
Most of the delegation consisted of prosecutors that are handling Kwon’s case in South Korea.
Prosecutors in South Korea claimed Do Kwon was “hiding” in Serbia at the beginning of December, and they formally requested his extradition from the European country.
Prosecutors also claimed he left South Korea for Singapore around the time of the Terra Luna crash, and then made his way to Serbia through Dubai in September.
Warrant Of Arrest & Interpol Red Notice
Kwon has had his South Korean passport revoked, rendering it essentially impossible for him to leave the country.
There is a warrant out for his arrest, along with a few other Terraform executives, and Interpol has issued a Red Notice requesting that law enforcement agencies around the world apprehend Kwon.
The manhunt for Do Kwon intensifies. Image - Coincu News
Kwon vanished from the public eye when a warrant of arrest was issued against him in September 2022.
Aside from the $60 billion worth of digital assets that were wiped out due to Terra’s collapse in the cryptocurrency market, Kwon also faced other charges. One of those is allegations of him breaking the capital-market laws of South Korea as a result of the crash.
Kwon Feigns Responsibilities, Maintains Innocence
Despite these charges, Kwon refuses to admit that he’s the reason behind the crash of his crypto ecosystem and the disappearance of billions worth of digital assets.
In a Twitter post on February 1, he stated that he didn’t steal any money and the allegations of “secret cashouts” were just rumors, despite reports showing that he cashed out $120,000 from the Luna Foundation Guard (LFG).
Massive Fall From Grace
Over the course of four years, Terra network and the former CEO climbed to prominence in the cryptocurrency industry, only to suffer a catastrophic fall from grace.
The worldwide cryptocurrency market was rocked recently by the Luna crypto network’s collapse, which is widely regarded as the largest crypto meltdown in history, with an estimated $60 billion lost.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
Meanwhile, South Korean prosecutors are having a hard time pressing charges against Kwon’s former associates due to the country’s lack of proper crypto regulations.
The Republic of Serbia has no treaty with the South Korean government when it comes to extradition cases.
That will be a huge obstacle for the South Korean authorities who are expecting the Serbian government to help in the speedy arrest of Do Kwon.
Featured image from Hotels.com Australia