According to a local news site Chosun.com on December 11, Kwon Do-hyeong, CEO of Terraform Labs, has been reported to reside in Serbia after causing the so-called “Terra crisis,” which resulted in more than 50 trillion won in damages to foreign and domestic investors because of the price implosion of crypto currency Luna and Terra in May.
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Luna and Terra were debuted by a firm called Terraform Labs. “Recently, we obtained intelligence that CEO Kwon was in Serbia, and it was found to be true,” the source from the investigation agencies said.
It is believed that Terra’s co-founder has been in Serbia through Dubai, United Arab Emirates, since April, when he left for Singapore right before the Luna crisis broke out. The prosecution believes he is attempting to elude justice by escaping to a foreign country.
There is no apparent explanation as to why CEO Kwon travelled to Serbia. It is public knowledge that investigators in Serbia are trying to determine whether or not a special ally exists.
In a recent interview with international media, Representative Kwon disputed the majority of the allegations against him and tweeted, “I am not running away.”
Terra Creator Evades Arrest
In September, Kwon was arrested on allegations of providing misleading information to investors by the Financial and Securities Criminal Unit of the Seoul Southern District Prosecutor’s Office.
The Ministry of Justice is believed to have already begun submitting requests for Serbian government’s assistance with the probe.
It was recently believed that the South Korean who is wanted for the highest level of arrest and extradition by Interpol, that has issued a Red Notice against him, is currently hiding out in Europe. However, he requested to meet the law enforcement officers.
In October, more than 350 investors who lost over $57 million due to Terraform Labs’ TerraUSD collapse filed a lawsuit in Singapore against Kwon. Previously, he had been reported missing in Singapore by the Singapore Police.
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