Fugitive Do Kwon Now Staying in Serbia Report Says — Terraform Labs CEO Suggests SBF Is to Blame for UST Depeg

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A new report has claimed that Do Kwon, the fugitive CEO of Terraform Labs, is currently staying in Serbia. The report added that the South Korean government has engaged the Serbian government regarding the matter. Meanwhile, Kwon has accused Sam Bankman-Fried and Alameda Research of orchestrating events that led to the “depeg” of Terra’s once-stable coin UST.

Do Kwon Getting Help in Serbia

According to South Korean online publication Chosun, Do Kwon, the CEO of Terraform Labs who is wanted on charges of providing false information to investors, is living in Serbia. The report added that the justice ministry in Seoul is now seeking the Serbian government’s help investigating the claims.

Authorities are also reportedly investigating the possibility that Kwon is being assisted by someone in Serbia.

The latest revelation of Kwon’s whereabouts comes just a few months after reports suggested that he was in Singapore. However, those reports were later rebuffed by the Singapore Police Force which also promised to assist the Korean National Police Agency (KNPA) “within the ambit of our domestic legislation and international obligations.”

Kwon, who remains active on Twitter, has previously denied reports he is on the run. However, that didn’t stop a court in South Korea from issuing a warrant for his arrest. The global law enforcement body Interpol has issued a red notice, which is a “request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.”

I think the time has come for @GenesisTrading to reveal if they provided the $1B UST shortly before the crash to SBF or Alameda – the purchase from LFG was represented as stemming from “interest to participate in the Terra Defi ecosystem” – not to provide ammo for a peg attack

— Do Kwon 🌕 (@stablekwon) December 8, 2022

Kwon Blames Sam Bankman-Fried for UST Depeg

Meanwhile, in his Dec. 7 Twitter thread, Kwon appears to suggest that Alameda Research may have orchestrated an attack which eventually led to the downfall of the stablecoin UST.

“I think the time has come for Genesis Trading to reveal if they provided the $1B UST shortly before the crash to SBF [Sam Bankman-Fried] or Alameda – the purchase from LFG was represented as stemming from ‘interest to participate in the Terra Defi ecosystem’ – not to provide ammo for a peg attack,” Kwon wrote.

Kwon also queried why Alameda borrowed BTC from Voyager during a period which he said coincided with the “depeg dates.” After arguing his case against Sam Bankman-Fried and Alameda Research, Kwon ends the thread by stating that “what’s done in darkness will come to light.”

Tags in this story

Alameda Research, do kwon, Genesis Trading, Interpol red notice, Korean National Police Agency (KNPA), Law Enforcement, Sam Bankman-Fried, Singapore Police Force, terraform labs, UST depeg, voyager

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.