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Do Kwon Resident in Serbia, Likely to Challenge Extradition: Report
Terraform Labs co-founder Do Kwon has registered his residential address in Serbia, according to S. Korean reports, citing local prosecutors.
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Do Kwon, former CEO of Terraform Labs and an Interpol fugitive, has registered a residential address in Serbia, according to local media reports in South Korea. South Korean prosecutors believe that the move will allow Kwon to take legal action against his extradition process led by Korea’s justice ministry.
Kwon Could Take Legal Action Against Extradition Process
According to local media reports in South Korea, do Kwon has reportedly registered his residential address in Serbia. Prosecutor Choi Sung-kook confirmed the news but refused to get into details.
Local reports suggest that a residential address in another country allows Kwon to file an appeal against his extradition led by Korean authorities. Kwon, the co-founder of the collapsed Terraform Labs, has said several times that South Korea’s investigation into the crash of TerraUSD and LUNA was over-politicized and unfair.
Kwon’s remarks could indicate that the Interpol fugitive is preparing to take legal measures against S. Korea’s extradition request, according to a prosecutor investigating Kwon and Terraform. This is because a politically-motivated investigation could give Kwon a reason to refuse to comply with the extradition. Further, the report added that if Kwon files an appeal against the extradition, it could delay his return to South Korea by a couple of years.
Kwon reportedly moved to Serbia in October, according to previous statements by South Korean prosecutors. Earlier reports by S. Korean media outlets said that South Korea’s Ministry of Justice has contacted the Serbian government and asked for its investigative assistance.
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Do Kwon Faces Several Charges in Korea
The reports of Kwon registering an address in Serbia come just a month after South Korea nullified his passport in a bid to locate and extradite him. Kwon faces several charges in South Korea, such as fraud and breach of the Capital Markets Act.
Earlier this year, Interpol issued a red notice on Kwon, which serves as a request to global law enforcement to locate and detain a fugitive. Before fleeing to Serbia, Kwon stayed in Dubai and Singapore for a short period.
The 31-year-old has been under investigation since the crash of the algorithmic stablecoin TerraUSD (UST) and sister token LUNA, both issued by his former firm Terraform Labs. The implosion sent shockwaves through the entire crypto industry, leading to losses to hundreds of thousands of investors in South Korea and the rest of the world.
Do you think Serbian authorities will eventually assist South Korea and help extradite Kwon? Let us know in the comments below.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
