Fugitive Founder Do Kwon Followed by South Korean Sleuths to Serbia

Fugitive Founder Do Kwon Followed by South Korean Sleuths to Serbia

  • The Justice Ministry officials of South Korea are looking for Do Kwon.
  • Late last year, Kwon cashed out funds from the Luna Foundation Guard.
  • Do Kwon emerges on Twitter to proclaim his innocence once again.

The South Korean authorities continue their crackdown on TerraForm Labs founder Do Kwon, who has been last spotted in Serbia. After concluding that the downtrodden crypto entrepreneur might be hiding out in the Balkan country, Korean police formed a squad that traveled there last week. However, they still haven’t located the elusive Crypto Waldo.

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South Korea Seeks Clarity in $60bn Blowout

Terra (LUNA) blockchain is to blame for one of the worst crashes in crypto history, as the crypto markets went through a bloodbath in May 2022. The magnitude of the fiasco of Terra (LUNA) and its failed stablecoin Terra Classic USD (USTC) is evident in over $2 trillion of affected funds sent down the drain as a consequence of the depegging and crashing.

Indeed, Terra Luna’s stablecoin UST was programmed differently than the most popular stablecoins. For instance, the algorithmic stablecoin was tied to Terra (LUNA), the primary token in the ecosystem, rather than backed by physical assets or fiat. In this way, the algorithm of UST could be exploited easier.

That happened once $3.9 billion worth of TerraUSD (UST) algorithmic stablecoin was unstaked and cashed out through Anchor Protocol, the go-to lending protocol on Terra’s blockchain. The South Korean authorities allege that Kwon did the backdoor transfer. Surprisingly or not, Do Kwon came back onto the Twitter scene a few days after South Korea’s delegated legal team made the trip to Serbia.

Do Kwon, the unanimous champion of Hide and Seek, denied all of the allegations by asserting that he’d “stolen no money and never had any secret cashouts.” He made similar claims on Twitter when the global hunt started in September 2022.

Previously, the defrocked crypto businessman had hideout spots in Dubai and Singapore to avoid being brought to justice in his homeland. However, Do Kwon put himself totally out of sight ever since his passport was revoked, and he lost the opportunity to cross borders legally.

On the Flipside

  • The 4,000-deep vigilante group of UST Restitution recently attempted to look for Do Kwon in Dubai, UAE, but without success.
  • Previously, the South Korean authorities made a breakthrough in the TerraForm Labs case by arresting Yoo, the head of general affairs at the company.

Why You Should Care

Terra (LUNA) is responsible for one of the world’s worst crypto wipeouts. Do Kwon is charged with breach of capital markets law, which means that the prices of Terra (LUNA) and Terra (UST) could have been algorithmically manipulated.

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