Do Kwon, the disgraced founder of the collapsed stablecoin Terra, is reportedly on the lam in Serbia, according to intelligence surfaced by South Korean authorities who are investigating his whereabouts.   

The Seoul Southern District Prosecutor’s Office’s Financial and Securities Criminal Unit issued an arrest warrant for Kwon earlier this year, alleging that he provided false information to investors in the lead-up to the shocking $40 billion collapse of the Terra ecosystem. 

The developer’s whereabouts have been unknown since the collapse. In October, Kwon maintained in an interview on the Unchained Podcast that he is “not on the run.” At the time, it was known that Kwon had left Singapore – something he neither confirmed nor denied, citing risks to his personal security.

Now, authorities appear to have evidence that Kwon is staying in Serbia, apparently after transiting into the country through Dubai. South Korean outlet Chosun reported that the South Korean Ministry of Justice is in the process of requesting cooperation with the Serbian government with regards to the investigation.

The collapse of the Terra ecosystem was one of the largest black swan events in crypto history, eclipsed only by FTX’s insolvency, on-chain data from Glassnode shows.

Investigators are now looking into ties between these two events, and whether FTX CEO Sam Bankman-Fried was involved in manipulating the market for LUNA and its algorithmic stablecoin TerraUSD (UST).