stolen shot of Do Kwon

Do Kwon registered a company in Serbia despite Interpol red notice

Barely days after his arrest, a new report has uncovered facts showing that Terraform founder Do Kwon registered a company in Serbia while hiding out in the Balkan nation.

Official documents from the Serbian Business Registry confirmed that Kwon established a business entity called Codokoj22 d.o.o. Beograd with the principal business activity being consultancy services. Former CEO of Chai Corporation, Han Chang-Joon, was named as a director in the company that cost Kwon less than a dollar to register.

Serbian law firm Gecic Law represented Kwon in the process of the company’s registration, with a partner at the firm confirming that routine security checks were carried out on Kwon.

“I cannot comment on my client due to confidentiality agreements, but I can say that this client went through all the 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,” Ognjen Colic, partner at Gecic Law, said.

Documents show that both Kwon and Joon used their Korean passports as a means of identification at the Serbian Business Registry. In 2022, South Korea’s Ministry of Interior invalidated Kwon’s passport, which effectively gave him fugitive status.

After months of evading South Korean prosecutors, Interpol put out a “red notice” on Kwon, sparking a global manhunt for him. However, a quick search on Interpol’s website for Kwon does not provide any information regarding a red notice.

Kwon maintained that he was not evading capture from the authorities and maintained a presence on the social networking platform Twitter. However, things fell apart for Kwon when he was arrested at the Podgorica Airport while attempting to travel to Dubai on a private jet.

In addition to the litany of charges against him, Kwon and Joon have been slammed with additional charges of forging Costa Rican passports that carry a term of imprisonment of up to three years in prison.

Mountain of charges

Kwon has been charged with fraud and price manipulation by South Korean prosecutors regarding the sudden collapse of the Terra ecosystem that cost investors losses running into billions of dollars.

Last month, the U.S. authorities joined the fray by announcing fraud charges against Kwon. The charges alleged that Kwon’s statement of an algorithmic stablecoin was merely a ruse to steal funds from investors.

Several class action lawsuits from disgruntled investors are in Korean courts, while Singapore’s police announced that it had opened its own investigation into the circumstances leading to Terra’s collapse.

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