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South Korean authorities believe that the founder and CEO of Terraform Labs, Do Kwon, is currently in Serbia. The Ministry of Finance is reportedly "in the process of seeking cooperation from the Serbian government" as part of its investigation into Kwon, who is wanted for allegedly violating South Korea's capital market laws.
It is not yet clear what legal steps South Korea can take to try and extradite Kwon from Serbia, as the two countries do not have a bilateral extradition treaty. Kwon has claimed that he is not "on the run" and that he is "not trying to hide." "Recently, we obtained intelligence that CEO Kwon was in Serbia, and it was found to be true," an official told the outlet.
Do Kwon is the founder and CEO of failed Terraform Labs. The company was behind the Terra ecosystem, which included the Terra stablecoin, and collapsed in May. South Korean authorities have been searching for Kwon since then, with little success.
It is believed that he left Singapore, where Terraform Labs was based, in late April and traveled to Dubai before moving on to Serbia.
Do Kwon faces $57-million lawsuit in Singapore
“The Defendants made the said representations fraudulently either well knowing that they were false and untrue, or recklessly not caring whether they were true or false,” says the lawsuit.
The search for Kwon has been international in nature, with Interpol reportedly issuing a “red warrant” against him in September. However, Kwon's name does not appear on Interpol's Red Notice database. South Korea's Ministry of Foreign Affairs has also ordered Kwon to surrender his passport, warning that failure to do so would result in its cancellation.
It is not clear what legal options South Korea has for trying to extradite Kwon from Serbia, as the two countries do not have a bilateral extradition treaty. However, South Korea has signed a multilateral extradition treaty with the Council of Europe, which Serbia is also a signatory to.
It remains to be seen whether this treaty can be used to bring Kwon back to South Korea to face the charges against him.