While the entrepreneur has persistently denied that he's on the run, Kwon has refused to reveal his whereabouts over concerns for his safety.
Do Kwon is currently in Serbia — and prosecutors believe he has fled abroad to avoid investigation, according to a report.
According to The Chosun Ilbo, a South Korean official investigating the collapse of Terraform Labs said:
"Recently, we obtained intelligence that Kwon was in Serbia, and it was found to be true."
Kwon has been in the spotlight ever since the LUNA and UST cryptocurrencies collapsed back in May — wiping an estimated $48 billion from the market.
While the entrepreneur has persistently denied that he's on the run, Kwon has refused to reveal his whereabouts over concerns for his safety.
South Korea issued an arrest warrant for Kwon back in September and voided his passport, with Interpol activating a red notice that orders police forces around the world to locate and arrest him.
This latest report suggests that the Ministry of Justice is now requesting cooperation from the Serbian government in an attempt to have Kwon returned to Seoul.
It's been claimed that Kwon moved from South Korea to Singapore just before the Terra ecosystem came crashing down, with thousands losing their life savings.
He is facing charges of providing false information to investors.
Kwon is a prolific tweeter — and recently, he shared a New York Times report revealing that federal prosecutors in the U.S. are investigating market manipulation allegations against Sam Bankman-Fried.
It's claimed that FTX's founder "steered the prices" of LUNA and UST to benefit his exchange, as well as its sister trading firm Alameda Research.
SBF has firmly denied these allegations — and in a statement, he said he was "not aware of any market manipulation and certainly never intended to engage in market manipulation."
The explosive new report prompted Kwon to tweet:
"What's done in darkness will come to light."
