The hunt for the controversial founding father of the now-collapsed Terra ecosystem, Do Kwon, has intensified with South Korean officers reportedly confirming they despatched at the very least two individuals to Serbia to trace him down.

In response to a Feb. 7 Bloomberg report, the prosecutor’s workplace in Seoul mentioned the studies “aren’t false” relating to members of its crew trekking out to the Balkan state to search out Kwon.

It seems at the very least two state officers went — one from the prosecutor’s workplace and the opposite being a senior member of South Korea’s Justice Ministry.

South Korean-based publication Chosun Media confirmed on Dec. 11 {that a} state intelligence official knowledgeable them that Kwon had based mostly himself in Serbia.

There may be presently no extradition treaty in impact between South Korea and Serbia.

This doubtless made Serbia an incredible hideout spot for Kwon, according to a latest opinion article from Minso Kim — a author for the South Korean publication Chosun Media.

South Korea has nonetheless stripped Kwon of his passport which can make future journey tougher.

Kwon has been accused of being on the run since Sept. 14 when South Korean prosecutors issued an arrest warrant in opposition to him, an accusation that he denied in October.

The 31-year-old fallen entrepreneur has additionally been accused of breaching capital markets legal guidelines.

Whereas Kwon is understood to be a prolific tweeter, he went almost two months with out tweeting or retweeting a single publish — inflicting some to invest what the controversial determine has been as much as.

However Kwon not too long ago responded to an evocative tweet focused at him, stating that he hasn’t stolen any cash and has by no means had any “secret cashouts.”

I discover that Twitter is an effective place for rumors however poor place to get details

I’ve stolen no cash and by no means had “secret cashouts” – blissful to handle particular allegations

In any case, good day to you

— Do Kwon (@stablekwon) February 1, 2023

Thus far, Kwon denies any wrongdoing.

Terraform Labs claims case in opposition to Do Kwon is ‘extremely politicized’: WSJ

The collapse of the Terra ecosystem was partially triggered by the de-peg of its TerraClassicUSD (USTC) algorithmic stablecoin, Terra Traditional (LUNC) was intently linked to the stablecoin with that too falling near 100%.

Roughly $60 billion value of worth was worn out of the ecosystem.

Cointelegraph reached out to Terraform Labs and the South Korean Prosecutor’s workplace for remark however didn’t obtain an instantaneous response.