Immediately after an arrest warrant was issued for Do Kwon in September 2022, investigators said he fled from Singapore to Dubai and then to Serbia, where he is now believed to be hiding.. Earlier, the South Korean edition of Chosun Media confirmed, citing an unnamed government official, that Kwon is based in Serbia.
One of the reasons why the CEO of Terraform Labs chose this country may be that there was no extradition agreement between Serbia and South Korea.. The Seoul Prosecutor's Office and the South Korean Ministry of Justice declined to comment on the event, however, according to media reports, the group included representatives from both departments.. In addition, the authorities turned to former employees of Terraform Labs for help in the investigation.
Do Kwon has repeatedly stated that he does not admit guilt, does not hide from law enforcement agencies and is ready to return to the cryptocurrency market. He tried to revive the network with Terra 2.0, built on new security principles.. In December last year, SCV was awarded a $500 million grant to identify vulnerabilities and potential threats in the second version of the Terra protocol.