Do Kwon, the controversial founder and CEO of Terraform Labs, is still being sought around the world, and the South Korean government now thinks he may be in Serbia after exiting Singapore in September.
Since Terra's demise, South Korean authorities have been looking for Do Kwon, but they don't appear to have had much success locating him until now.
In a report published by Chosun Media, South Korean police said they had followed a tip about Do Kwon's whereabouts and had been able to confirm that he is currently in Serbia.
"Recently, we obtained intelligence that CEO Kwon was in Serbia, and it was found to be true," an official told the outlet.
The 31-year-old was believed to have relocated to Singapore near the end of April, just before the Terra ecosystem's catastrophic collapse.
As part of the probe, South Korea's Ministry of Finance "is in the process of requesting cooperation from the Serbian government," according to the report.
On Sept. 14, the Seoul Southern District Prosecutor's Office's Financial and Securities Criminal Unit issued an arrest warrant for Kwon for allegedly violating South Korean capital markets laws.
Around the same time, Singapore authorities confirmed that Kwon was no longer in the country, and that he had flown to Dubai in transit to an unknown destination.
Soon after, on Sept. 26, Interpol allegedly issued a "Red Notice" against Kwon. However, as of Dec. 11, Do Kwon did not appear to have been added to Interpol's Red Notice database on the website.
Kwon was ordered to forfeit his passport by South Korea's Ministry of Foreign Affairs on October 6. Failure to comply would result in the cancellation of his passport entirely, according to the ministry.
Later that month, South Korean prosecutors confirmed reports that Do Kwon had flown to Dubai for a possible layover before continuing on to another destination, which turned out to be Serbia.
If Do Kwon is found in Serbia, it remains to be seen what legal strings can be pulled from South Korea to extradite the Terraform Labs founder.
While South Korea has signed bilateral extradition treaties with 31 nations, Serbia is not one of them. South Korea, on the other hand, has entered into a much broader multilateral extradition treaty with the Council of Europe, to which Serbia has signed.
Kwon has maintained that he is not "on the run" and is "making zero effort to hide," and he has remained active on social media in recent months.
