According to officials, South Korean authorities have asked for the Serbian government's assistance in bringing Kwon back to South Korea to face charges.
Do Kwon's Current whereabouts.
Do Kwon, the contentious founder and CEO of Terraform Labs, is the target of an ongoing international manhunt. According to South Korean police, he left Singapore in September and is currently believed to be in Serbia. Chosun Media reported on December 11 (1) that South Korean police investigated a tip-off regarding Do Kwon's whereabouts and confirmed that he is now in Serbia.
An official informed the newspaper, "We just received intelligence that CEO Kwon was in Serbia, and it was shown to be accurate. Additionally, the article claims that South Korea's Ministry of As part of the probe, Finance "is in the process of asking for cooperation from the Serbian government." Since Terra's demise, South Korean officials have been looking for Do Kwon, but they don't appear to have had much success locating him until recently.
Why is he on the run?
The 31-year-old is said to have relocated to Singapore at the tail end of April, shortly before the shocking collapse of the Terra ecosystem. Kwon was the subject of an arrest warrant on September 14 from the Financial and Securities Criminal Unit of the Seoul Southern District Prosecutor's Office for allegedly breaking South Korean capital markets legislation. Around that time, Singaporean police verified that Kwon had left the nation and was believed to have traveled through Dubai to an unidentified new location.
Soon after that, according to reports, Interpol filed a "Red Notice" on Kwon on September 26. But as of December 11, Do Kwon doesn't seem to have been included in Interpol's online Red Notice database. The South Korean Ministry of Foreign Affairs gave Kwon until October 6 to turn in his passport. The government also stated that his passport would be completely canceled if he didn't cooperate. Prosecutors in South Korea (2) later that month verified rumors that Do Kwon had traveled to Dubai for a potential layover before continuing to another location, which in retrospect, may have been Serbia. It is unknown what legal levers can be pulled if Do Kwon is found in Serbia. South Korea will likely seek the creator of Terraform Labs.
Will Do Kwon be extradited?
Serbia is not one of the 31 nations with which South Korea has bilateral extradition treaties (3). However, Serbia is a signatory to the Council of Europe Extradition Treaty, to which South Korea and Serbia have also agreed. Kwon has insisted that he is not "on the run" and has made "no attempt to conceal." In recent months, he has continued to remain active on social media. The debugging of Terra USD Classic, USTC (previously UST), its algorithmic stablecoin, caused its sister asset Luna Classic, LUNC (formerly LUNA), to drop by roughly 100%, which was a contributing factor in the Terra ecosystem's collapse in May.