In order to send Kwon back to South Korea so he can face charges there, South Korean officials requested assistance from the Serbian government.

Do Kwon, the controversial founder and CEO of Terraform Labs, has been on the run since leaving Singapore in September, and his search continues around the world. South Korean authorities now believe that he is in Serbia, but they are not sure.

Chosun Media published a story on December 11 stating that South Korean police followed up on a tip about Do Kwon’s whereabouts saying that he is currently in Serbia and was able to corroborate it. An official was quoted as telling the site: “Recently, we got intelligence that CEO Kwon was in Serbia, and it was proven to be accurate.” [C]The CEO of the company, Kwon, was in Serbia.

In addition to this, the report claims that the South Korean Ministry of Finance “is in the process of requesting assistance from the Serbian government” as part of the investigation that is now ongoing.

Since the collapse of Terra, the South Korean police have been searching for Do Kwon, but have not been very successful in locating him until recently.

The 31-year-old was believed to have moved to Singapore in late April, just days before the abrupt collapse of Terra’s environment.

Kwon received an arrest warrant on September 14 from the Securities and Financial Criminal Unit of the Seoul Southern District Prosecutor’s Office. The order was issued because Kwon is believed to have violated South Korea’s rules related to capital markets.

It wasn’t long after that when, on September 26, it was revealed that Interpol had issued a “red notice” on Kwon.

However, as of December 11, Do Kwon does not appear to have been added to the Red Notice database which is hosted on the Interpol website.

On October 6, the South Korean Ministry of Foreign Affairs issued a directive requiring Kwon to hand over his passport.

Later that month, South Korean prosecutors verified reports that Do Kwon had traveled to Dubai for a probable layover before traveling to another destination, which may have been Serbia as a result. The reports had been circulating since earlier that month.

If it turns out that Do Kwon is hiding out in Serbia, it remains to be seen what, if any, legal strings can be pulled out of South Korea to try to extradite the Terraform Labs founder.

Serbia is not one of the 31 countries with which South Korea has signed a bilateral extradition treaty; however, South Korea has signed such a pact with 31 other nations.

Kwon has insisted that he is not “on the run” and that he “makes zero attempts to hide.”

Over the course of the past few months, he has maintained a high level of activity across all of his social media platforms.

The de-pegging of the algorithmic stablecoin known as Terra USD Classic, also known as USTC (formerly UST), in May was a contributing factor to the collapse of the Terra ecosystem. This, in turn, caused a nearly one hundred percent decline in the value of the sister asset known as Luna Classic, also known as LUNC (formerly LUNA).