- According to the South Korean prosecutor's office, Do Kwon, 31, has been in the Balkan country for a month.
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| File image with representations of cryptocurrencies. / Unsplash |
The founder of Terraform Labs, in search and capture for a millionaire fraud with cryptocurrencies, is in Serbia
Do Kwon, co-founder of cryptocurrency issuer Terraform Labs, who is on the hunt for fraud, is currently in Serbia, the South Korean prosecutor's office reported Monday.
The 31-year-old South Korean businessman has been in the Balkan country for about a month after spending some time in the United Arab Emirates, according to sources from the Seoul Southern District Prosecutor's Office to the Yonhap agency.
Kwon, who was last seen publicly in Singapore in September, has been under investigation for alleged fraud and tax evasion since a complaint was filed in May by several South Korean investors against him and several co-founders of Terraform Labs.
These investors bought large amounts of Luna and TerraUSD electronic currencies—a so-called "stablecoin" whose value was tied to the US dollar—from Terraform Labs and watched their value collapse early in the year.
Kwon and the other perpetrators, who are under an Interpol Red Notice for their arrest, are accused of running a Ponzi scheme (a type of pyramid scheme in which investors are paid alleged proceeds that are actually funded from subsequent investors) and cause them to lose several million dollars.
Kwon's passport, which has denied all accusations and has assured through his Twitter account that he is not fleeing, was invalidated months ago.
The prosecution is also investigating another co-founder of Terraform Labs, Daniel Shin, who is in Seoul and who for the moment the judges have decided to release due to lack of evidence.
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