The search for Do Kwon, founder of the now collapsing Terra (LUNA) ecosystem, intensifies, as South Korean officials seek international cooperation to catch the fugitive.
South Korean officials traveled to Serbia last week, the alleged hideout of Kwon, to seek help in arresting the founder of Terra, bloomberg Reported on February 7th.
The report said that the visit was carried out by officials from the country’s public prosecution and judicial system. Notably, South Korean prosecutors stated that the reports were “not false” but failed to disclose his possible location.
Since the Terra crash, Kwon’s whereabouts have been the subject of speculation in the global crypto community, with authorities targeting him for violating South Korean capital markets laws. In this row, a red notice was issued against Kwon, followed by the revocation of his passport.
Kwon claims innocence
Meanwhile, Kwon continues to deny any wrongdoing in Terra’s collapse, even though prosecutors in his home country have found it difficult to make a strong case against his former associates. In fact, things are complicated by the lack of cryptocurrency regulations in the Asian country.
In addition to government initiatives, Terra investors have also formed an online campaign to track down Kwon. The group’s preliminary investigations claimed that the fugitive was in Dubai, from where he is believed to have fled to Serbia.
Although lawsuits have been filed against Kwon, South Korean authorities previously said there was new evidence to suggest the beleaguered founder ordered an employee to manipulate Terra’s price.
Since the crash, assets associated with Terraform Labs, particularly Terra Classic (LUNC), have shown resilience despite losing value. In fact, LUNC has risen with the help of initiatives like short squeezes and support from crypto entities.
LUNC price analysis
In the wake of recent developments in the search for Kwon, LUNC corrected approximately 1.5% in the last 24 hours. However, Terra Classic stock is up over 6% on the weekly chart.
In general, the token has responded negatively to the news surrounding Kwon’s research.
Featured image via Terra YouTube.
The hunt for Do Kwon intensified after South Korean officials to Serbia first appeared on Coinphony.