# The Hunt of Crypto Fugitive: Do Kwon

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Last modified: 2023-02-07

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By John Heffernan · 2023-02-07
Tags: Shayne Heffernan on Investments, Asia, Crypto, Asia, crypto, cryptocurrency, South Korea, Singapore, coin, DeFI, Market, Web3, 2023, Tokenomics
Signed: no (published before platform launch).
Nothing in this article is investment advice.

According to the [source](https://www.bloomberg.com/news/articles/2023-02-07/hunt-for-crypto-fugitive-do-kwon-led-south-korean-officials-to-serbia-last-week), a South Korean officials flew to Serbia last week to seek assistance in the hunt for crypto fugitive Do Kwon.

The prosecutor's office in Seoul confirmed Tuesday that rumors that one of its team members visited the Balkan country with a top Justice Ministry official "aren't false."

[Serbia](https://www.bloomberg.com/news/articles/2022-12-12/crypto-fugitive-do-kwon-is-placed-in-serbia-by-south-korean-reports#xj4y7vzkg) emerged in December as a possible location for crypto fugitive Kwon, the fallen 31-year-old entrepreneur facing prosecution in his own country of South Korea for the $60 billion erasure of digital assets he built.

TerraUSD stablecoin was created by Kwon, which was intended to maintain a constant $1 value using a combination of algorithms and trading incentives involving a sister currency, Luna. The structure collapsed in May 2022, aggravating a $2 trillion crypto-market crash, and leading to the demise of several digital-asset firms.

Kwon's whereabouts became unknown after police issued an arrest order for him in September last year on suspicion of violating capital-markets rules. South Korea has revoked his passport and informed Interpol that Kwon is the subject of a red alert.

After a week-long absence that fueled curiosity about his location, Kwon reappeared on Twitter on the 1st of February 2023. He stated on Twitter that he has "taken no money and has never had secret cash outs.'" As he previously denied any misconduct.

https://twitter.com/stablekwon/status/1620726869577576449?s=20

On Tuesday, the prosecutors' office and the Justice Ministry declined to comment on Kwon's exact whereabouts.

In 2022, officials revealed that Kwon had travelled to Dubai as a stopover on his way out of Singapore, where his [Terraform Labs](https://www.companies.sg/business/201813807M/TERRAFORM-LABS-PTE-LTD-) enterprise had a base.

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