Do Kwon Dodged Authorities and Registered Business in Serbia

• Do Kwon, allegedly, registered a company in Serbia after a Red Notice was issued.
• Kwon and Han Chang-Joon were listed as directors of the new firm.
• The former CEO of Terraform Labs is also being investigated for eight counts of fraud in the United States.

Do Kwon, the South Korean businessman and disgraced founder of Terraform labs allegedly registered a company in Serbia just three weeks after a Red Notice was issued for him in September. According to reports, Kwon established a company named Codokoj22 d.o.o. Beograd on October 12, with an address in Belgrade’s city center.

Although it’s impossible to search the registry by individual names, two South Koreans named Do Kwon and Han Chang-Joon were listed with a company number, confirmed by registry officials, according to the report.  

Both Do Kwon and Han Chang-Joon were detained on Thursday this past week. The arrest happened at Podgorica Airport in Montenegro while they traveled to Dubai privately, according to people with knowledge of the matter.

This arrest was allegedly due to reports that South Korean authorities seek the two for fraud charges related to the collapse of Terra, the blockchain payment platform that Kwon co-founded in May last year.

In addition, on Friday, a court in Montenegro ordered that Do Kwon and Han would be detained for the next 30 days. Han Chang-Joon wished to deliver his statement in Korean, his native language, which allegedly caused a delay in the proceedings while a translator was sought.

Furthermore, Kwon is being investigated for eight separate counts of fraud in the United States. Officials in Singapore, where Terra’s headquarters are located, also conducted their investigation. According to the market watchers, this resulted in a massive reduction in market value as LUNA and UST tokens plunged, leading to a loss of $60 billion as a direct consequence of the market crash.