- A Terra coin’s value has dropped from a $116 peak in April to less than $0.0002.
- Interpol issued a global arrest order for him in September.
- Mr. Kwon, 31, was charged with fraud and violations of capital markets law.
Crypto-fugitive Do Kwon, the failed cryptocurrency leader who orchestrated the $40 billion (£32.7 billion) collapse of the terraUSD and Luna tokens, is allegedly hiding in Serbia, according to South Korean officials.
Prosecutors for Seoul’s Southern District said they would cooperate with Serbia to place him in custody.
After the tokens crashed in May, Mr. Kwon, 31, was charged with fraud and violations of capital markets law.
Interpol issued a global arrest order for him in September.
The next month, South Korean authorities said that he had left Singapore, where the headquarters of his firm Terraform were located, and had flown via Dubai to an unidentified nation.
The Interpol “Red Notice” is a call to all law enforcement agencies throughout the world to find and temporarily detain a suspect pending extradition, surrender, or other legal action.
Despite not having an extradition agreement, Serbia and South Korea have previously complied with demands made under the European Convention on Extradition.
Despite earlier denying that he is hiding, Mr. Kwon has not disclosed his whereabouts.
For any government agency that has showed interest in communicating, we are in full collaboration and we have nothing to hide, he tweeted in September. “I am not ‘on the run’ or anything like.
In connection with the alleged stablecoin Terra and its sibling token Luna, prosecutors have also filed arrest warrants for five additional individuals. These individuals have not been identified.
Stablecoins are intended to have a largely constant price and are typically anchored to a physical good or currency; nonetheless, Terra’s value plummeted during this year’s general cryptocurrency crash.
When the Terra Luna system failed in May, the value of both tokens fell to almost nothing, and the repercussions spread to the rest of the cryptocurrency market.
A Terra coin’s value has dropped from a $116 peak in April to less than $0.0002.
According to blockchain analytics company Elliptic, investors in the two coins have lost an estimated $42 billion worldwide.
A number of criminal investigations concerning the disaster have been launched by South Korean authorities after some investors lost their life savings.
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