The Hunt for Crypto Fugitive Do Kwon Led South Korean Officials to Serbia Last Week

A delegation of South Korean officials traveled to Serbia last week to seek help in the hunt for crypto fugitive Do Kwon.

The prosecutor's office in Seoul said on Tuesday that the reports that one of his team visited the Balkan nation with a high-ranking official of the Ministry of Justice "are not wrong." 

Serbia will become a potential site for Kwon in December, the 31-year-old entrepreneur who lost his life is facing charges in his home country of South Korea regarding the disappearance of $60 billion in digital assets he created.

Kwon developed stablecoin terrausd, which was supposed to have a constant value of $1 through a mixture of algorithms and incentives for traders involving a sister token, luna. The building exploded in May 2022, exacerbating a $2 trillion boondoggle in crypto markets and contributing to the demise of a range of digital equipment.

Kwon's location became unclear after authorities last September issued an arrest warrant against him for alleged violations of the Financial Markets Act. South Korea stripped him of his passport and said Kwon's getting a red alert from interpol. 

It surfaced again on Twitter a few days ago after an absence of several weeks that sparked speculation on its location. Kwon tweeted that he "never stole any money and never had a "secret withdrawal"." He once denied that he had done anything wrong.

The Attorney's Office and the Department of Justice declined to comment on Kwon's precise location on Tuesday. 

Last year officials indicated that Kwon had flown to Dubai likely as a stopover to destinations unknown after exiting Singapore, where his Terraform Labs project had a base.

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— With assistance by Shinhye Kang