S Korea Says Crypto-fugitive Do Kwon Is In Serbia
Do Kwon, the failed cryptocurrency leader who was responsible for the $40 billion (£32.7 billion) collapse of the terraUSD and Luna tokens, S Korea says crypto-fugitive Do Kwon is in Serbia.
Author:Suleman ShahReviewer:Han JuDec 13, 202213.4K Shares335.7K Views
S Korea says crypto-fugitive Do Kwon is in Serbia. Do Kwon is the failed cryptocurrency leader who was responsible for the $40 billion (£32.7 billion) collapse of the terraUSD and Luna tokens.
The Prosecutor's Office for the Southern District of Seoul has stated that they will cooperate with Serbia in order to hold him.
Following his departure from the United Arab Emirates, the Seoul Southern District Prosecutors Office got information indicating that Kwon had been in Serbia for approximately one month. The most recent time anyone saw him was in Singapore at the beginning of September.
After the collapse of the tokens in May, Mr. Kwon, who is 31 years old, was charged with fraud and violations of laws governing capital markets.
In September, Interpol issued a warrant for his arrest that was valid around the world.
The next month, South Korean authorities stated that he had left Singapore, where the headquarters of his firm Terraform were located, and traveled via Dubai to an unidentified destination before returning to South Korea.
The "Red Notice" issued by Interpol is a request made to law enforcement agencies all over the world to identify and provisionally arrest an individual pending extradition, surrender, or other legal action of a similar nature.
Although South Korea and Serbia do not have an extradition treaty, both countries have in the past complied with extradition requests made pursuant to the European Convention on Extradition.
Mr. Kwon Has Denied Hiding But Has Not Revealed His Location
Mr. Kwon has previously disproved rumors that he is hiding, but he has not divulged information regarding his location.
In September, he posted on Twitter: "I am not 'on the run or anything like. For any government agency that has shown interest to communicate, we are in full cooperation and we don't have anything to hide."
Additionally, arrest warrants have been issued by the prosecutors for five additional individuals in connection with the so-called stablecoin Terra and its sibling token Luna. These individuals have not been named.
Stablecoins are intended to have a price that is reasonably stable and is typically pegged to a real-world commodity or currency; nonetheless, the value of Terra has plummeted in conjunction with the wider cryptocurrency slump that occurred this year.
As a result of the failure of the Terra Luna system in May, the prices of both tokens fell to levels very close to zero, and the ripple effects of this event were felt throughout the cryptocurrency market.
One Terra coin is now worth less than $0.0002, down from its all-time high of $116 in April.
According to blockchain analytics company Elliptic, investors in both cryptocurrencies collectively lost an estimated $42 billion worldwide.
South Korean authorities have started a number of criminal investigations as a result of the meltdown, which caused several investors to lose their whole lifesavings.
After investors in TerraUSD and Luna filed complaints against Kwon in May, accusing him of running a Ponzi scheme over the loss of billions of won following the crash of both coins, the disgraced entrepreneur has been the subject of an investigation into allegations of fraud as well as tax evasion since the allegations were made public.
Kwon was accused of giving misleading information to investors, therefore the prosecution office attempted to get a warrant issued for his arrest. In addition, Interpol issued a red alert for him, which is their highest level of wanted notice for suspected criminals and suspects.
Arrest Warrants
On the 21st of June 2022, YTN reported that Kwon's South Korean passport was under investigation by prosecutors who were attempting to have it revoked. Kwon and five other individuals were all named in an arrest warrant that was issued by a South Korean court on September 14, 2022.
The warrants were issued due to claims of violations of Korean capital markets law. The office of the prosecutor stated that all six of the persons could be found in Singapore.
The Seoul Southern District Prosecutors' Office announced on the 19th of September 2022 that they had begun the process of revoking Kwon's passport and adding his name to the red notice list maintained by Interpol.
Because Serbia does not have an extradition deal with South Korea, South Korean authorities announced in December 2022 that they believed Kwon was hiding in that nation.
Suleman Shah
Author
Suleman Shah is a researcher and freelance writer. As a researcher, he has worked with MNS University of Agriculture, Multan (Pakistan) and Texas A & M University (USA). He regularly writes science articles and blogs for science news website immersse.com and open access publishers OA Publishing London and Scientific Times. He loves to keep himself updated on scientific developments and convert these developments into everyday language to update the readers about the developments in the scientific era. His primary research focus is Plant sciences, and he contributed to this field by publishing his research in scientific journals and presenting his work at many Conferences.
Shah graduated from the University of Agriculture Faisalabad (Pakistan) and started his professional carrier with Jaffer Agro Services and later with the Agriculture Department of the Government of Pakistan. His research interest compelled and attracted him to proceed with his carrier in Plant sciences research. So, he started his Ph.D. in Soil Science at MNS University of Agriculture Multan (Pakistan). Later, he started working as a visiting scholar with Texas A&M University (USA).
Shah’s experience with big Open Excess publishers like Springers, Frontiers, MDPI, etc., testified to his belief in Open Access as a barrier-removing mechanism between researchers and the readers of their research. Shah believes that Open Access is revolutionizing the publication process and benefitting research in all fields.
Han Ju
Reviewer
Hello! I'm Han Ju, the heart behind World Wide Journals. My life is a unique tapestry woven from the threads of news, spirituality, and science, enriched by melodies from my guitar. Raised amidst tales of the ancient and the arcane, I developed a keen eye for the stories that truly matter. Through my work, I seek to bridge the seen with the unseen, marrying the rigor of science with the depth of spirituality.
Each article at World Wide Journals is a piece of this ongoing quest, blending analysis with personal reflection. Whether exploring quantum frontiers or strumming chords under the stars, my aim is to inspire and provoke thought, inviting you into a world where every discovery is a note in the grand symphony of existence.
Welcome aboard this journey of insight and exploration, where curiosity leads and music guides.
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