Do Kwon Evaded Authorities And Registered Business In Serbia For $1 Amid Manhunt, Interpol Red Notice

Do Kwon, the CEO and co-founder of Terraform Labs, seemingly undermined the manhunt and the inclusion of his name in Interpol's red notice list while on the run as new details surfaced proving that he even registered a business in Serbia for $1.

Kwon's life on the run ended last Thursday after Montenegrin officials foiled his planned trip to Dubai and confiscated his alleged forged passports, including Belgian and Costa Rican passports in his possession.

Kwon, who is called a "crypto genius" for his so-called algorithmic stablecoin TerraUSD (UST) whose collapse wiped out billions of investors' funds, is currently detained in the Southeastern European country and is fighting the extended 30-day detention in Montenegro.

But the TFL CEO may have lived a colorful life while evading authorities. His disregard for the law, or at least of the authorities, is not only highlighted in his evasion but also in his act of registering a business in Serbia, a place that he is believed to have visited last year after leaving Singapore, and allegedly cashed out Bitcoins from one of the ATMs in the country's capital.

A new report from DL News revealed that just weeks after Kwon's name was included in Interpol's red notice list, particularly in October 2022, he registered a company providing consultancy services called Codokoj22 d.o.o. Beograd and paid 100 Serbian dollars or around $0.92.

Citing official documents, the outlet reported that while Kwon's business was a sole proprietorship, he listed Terraform Labs' chief financial officer Han Chang-joon as the company's co-director.

Chang-joon was with Kwon when he tried to leave Podgorica airport for Dubai last Thursday.

Chang-joon is also in the crosshairs of South Korean authorities as they believe he was responsible for leaking customer information when TFL launched in 2018. He was also allegedly responsible for misappropriating funds to promote Terra's native token LUNA.

Since business registration requires identification, Kwon and Chang-joon allegedly used their Korean passports, which are still working despite earlier reports that Kwon's passport was revoked by South Korea in September 2022.

DL News reached out to the law firm that handled Kwon's business registration and spoke to Ognjen Colić, a lawyer and partner at Gecić Law Firm in Belgrade, but he apparently declined to comment due to "confidentiality arrangement."

The lawyer denied being aware of his client's arrest and detention in Montenegro and noted that Kwon "went through all our regular security checks that [we conduct] for every client, including the Interpol website and he is not on there — you can check it yourself now."