South Korean prosecutors say crypto fugitive Do Kwon is in Serbia

Terraform Labs co-founder sought over alleged fraud, market manipulation

Do Kwon, co-founder and chief executive officer of Terraform Labs, is seen in the company's office in Seoul, South Korea, on April 14. South Korean prosecutors are seeking Kwon's arrest over the collapse of cryptocurrencies Luna and TerraUSD. © Getty Images

KIM JAEWON, Nikkei staff writer

December 12, 2022 13:10 JST

SEOUL -- Terraform Labs founder Do Kwon is in Serbia, South Korean prosecutors said on Monday, as they seek his arrest on charges including fraud and market manipulation over the collapse of the Luna and TerraUSD cryptocurrencies.

The Seoul Southern District Prosecutors' Office, which specializes in investigating financial and securities crimes, confirmed media reports that it has learned Kwon is staying in the European country. The office is in the process of asking Serbian authorities to send him to South Korea, though it has no extradition treaty with Serbia.