Kwon Do, the co-founder of Terra/LUNA, is reportedly in Serbia, according to a recent Bloomberg report. He is charged under the case of draining $60 billion worth of investments by the South Korean government.
According to the prosecutors, Kwon Do has been residing in Serbia. Previously, he was said to be in Singapore, as Terra’s office was in the country, and then in Dubai but his location is now reportedly in the region of Europe.
What could be the reason for Kwon Do to be staying in Serbia except that he’s hiding from the regulators?
The authorities are now working with the Serbian government for cooperation.
The prosecutors recently issued an arrest warrant for violating the capital-markets law to capture Kwon Do as soon as he landed in the country.
Many companies had also sued Kwon Do and the rest of the Terra/LUNA team for causing loss to investors. The case is still in the SK court awaiting a decision once the co-founder is arrested.
With Kwon Do being located, there’s no time until he’s officially arrested and brought before the judges; after all, he’s already on the blacklist of many country’s airports.
On the other hand, Terraform Labs, the company behind Terra, already launched a second chain called Terra Classic (LUNAC), which became the biggest gainer in the third quarter of 2022.
