Do Kwon Found? TFL CEO Reportedly Hiding In This Country In The Balkans

South Korean authorities have confirmed local media reports that Do Kwon, the embattled CEO of Terraform Labs, is currently hiding in the Republic of Serbia. Previously, Kwon was spotted in Dubai after leaving Singapore in September.

The Seoul Southern District Prosecutors' Office confirmed Monday that local media reports placing Kwon in the country in the Balkans are "not false." The authorities followed a tip about Kwon's whereabouts and were able to confirm it, a local media outlet said in a report released over the weekend.

Prosecutor Choi Sung-kook, however, told Forkast that it is not yet confirmed if the TFL CEO is still in Serbia. He said that South Korea's Ministry of Justice has requested the Serbian government's investigative assistance on the matter.

The 31-year-old CEO was charged with fraud and market manipulation after his crypto empire exploded in May. Terra's algorithmic stablecoin TerraUSD (UST) de-pegged from the dollar and since it is linked with the ecosystem's native token LUNA, the token eventually crashed.

The epic collapse wiped out approximately $60 billion in investment. Before the collapse, Kwon had reportedly shutdown TFL offices in South Korea.

The CEO apparently left South Korea and went to Singapore toward the end of April. After the Seoul Southern District Prosecutor's Office's Financial and Securities Criminal Unit issued an arrest warrant on September 14 against Kwon for violating the country's capital markets law. Singapore confirmed that Kwon had left the country and was believed to have flown to Dubai and then departed for an unknown destination.

On September 26, Interpol included Kwon in its Red Notice list. As of now, TFL's CEO does not appear in Interpol's Red Notice database on its official website. Kwon recently commented on reports that federal prosecutors are investigating the possible involvement of FTX Founder and Former CEO Sam Bankman-Fried in the controversial collapse of Kwon's empire.

"This is fairly public knowledge at this point, but the large currency contraction that UST went through in Feb 2021 was started by Alameda when they sold 500mm UST in minutes to drain its curve pools during the MIM crisis," Kwon said in a Twitter thread. "What's done in darkness will come to light," the crypto executive added in another tweet.

International Business Times reached out to Terraform Labs, outside of office hours, for its official comment on the report and haven't received a response yet. The article will be updated accordingly.