Cryptocurrency fugitive Do Kwon placed by South Korea in Serbia

Crypto fugitive Do Kwon's whereabouts are becoming increasingly clear after reports that heSouth Korean authorities believe that the founder of the digital asset ecosystemTerraUSD and Luna, which suffered chaotic destruction at 60US$81 billion, is located in the landlocked Balkan state, the Chosun Ilbo newspaper reported on Monday. The report said that South Korea is in the process of asking Serbia for cooperation.

The article cites an anonymous source in the investigative body of the North Asian country.Yonhap news agency reported that Kwon moved to Serbia in November, citing an unnamed prosecutor in Seoul.The TerraUSD stablecoin was supposed to have a constant value of $1Thanks to a combination of algorithms and incentivizing traders with its sister token, Luna.This construct exploded in May, exacerbating the deep collapse of the cryptocurrency market and contributing to the downfall of a number of digital asset companies.Kwon's whereabouts remain unclearsince South Korea issued a warrant in mid-Septemberhis arrest on charges of violating the Capital Markets Act.South Korea said Kwon was wanted by Interpol.Kwon, 31, denies wrongdoing, and his company, Terraform Labs, claims that capital markets legislation does not apply to cryptocurrency tokens.

Neither Kwon nor a spokesperson for Terraform Labs responded to a request for comment.What exactly caused the collapse of Kwon's project remains a mystery.possible ties to Sam Bankman-Fried, whose FTX exchange and sister trading house Alameda Research went bankrupt in November.The New York Times reported that U.S. federal prosecutors are looking into whether Mr. Bankman-Fried engaged in market manipulation by orchestrating the deals that led to the collapse of TerraUSD and Luna.BLOOMBERG