Terraform Labs' Do Kwon now hiding in Serbia

Terraform Labs co-founder Do Kwon [JOONGANG PHOTO]

Terraform Labs co-founder Do Kwon is currently staying in Serbia, according to local media reports Monday, citing the prosecution.

Kwon left Singapore in September and passed through the United Arab Emirates before moving to Serbia, according to a report from Yonhap on Monday.

Kwon is the co-founder of Terraform Labs, the developer of TerraUSD and Luna, which collapsed in May and wiped out about $40 billion of wealth.

Korea’s Justice Ministry has requested local authorities work on an investigation into Kwon.

Kwon has been refusing to reveal his whereabouts, citing safety reasons.

Interpol has issued a red notice for the arrest of Kwon, according to a Bloomberg report in September.

An Interpol red notice is issued for fugitives wanted either for prosecution or to serve a sentence. It is a request to law enforcement worldwide to locate and detain a person pending extradition, surrender or similar legal action.

Kwon’s passport has been invalidated since November.

The prosecution sought an arrest warrant for Daniel Shin, co-founder of Terraform Labs, earlier this month, for allegedly gaining illegal profits before the massive collapse of the blockchain firm’s cryptocurrencies.

The request for the arrest warrant was dismissed, but prosecutors are mulling requesting another arrest warrant for Shin, according to a report from Forkast.

BY JIN MIN-JI [jin.minji@joongang.co.kr]