Do Kwon Built Crypto Firm In Serbia, Money Laundering Investigation In progress

Key Points:

• Do Kwon and Daniel Shin have established a company related to crypto asset trading in Serbia.
• Prosecutors are confirming whether Do Kwon established a legal entity for official virtual asset trading in Serbia or established a company for money laundering and other purposes.
• Do Kwon has been arrested in Montenegro, New York, and is facing fraud charges.
• It is reported that South Korean prosecutors will seek to extradite him to the country.

The Serbian Technology Criminal Prosecutor’s Office and the United States Attorney’s Office revealed that Terraform Labs CEO Do Kwon and former Chai Corporation CEO Shin Hyun-seung (Daniel Shin) founded a company involved in the crypto-asset business in Serbia, according to Digital Asset.

Do Kwon (Kwon Do-hyeong), CEO of Terraform Labs (TFL), is confirmed to have fled to Serbia in September 2022 and founded a virtual asset company there.

According to the Serbian High-Tech Criminal Prosecutor’s Office and the United States Federal Prosecutor’s Office, it is known that on March 24, Kwon established a company related to virtual property business in Serbia with the former Chai Corporation CEO Han Chang-joon.

It is reported that the Financial Securities Crimes Joint Investigation Team of the Seoul Southern District Prosecutor’s Office (head Dan Seong-han) also discovered this when they visited the Serbian Ministry of Justice at the end of the year. January 2022 to seek cooperation in investigations and extradition.

The Ministry of Justice of Serbia and prosecutors shared the IP address that CEO Kwon uses for Internet and social networking services (SNS) in Serbia to Dan Seong-han, who was visiting then and informed him of the Terra CEO’s current status, including the formation of a corporation in detail.

Terra founders chose Serbia because it is known for its pro-virtual asset policy to the point of being called a “virtual asset paradise”.

South Korean prosecutors are said to confirm whether CEO Kwon formed a consortium to start an official virtual asset business in Serbia or a paper company to launder money.

According to previous reports, Kwon was arrested by police at Podgorica Airport in Montenegro, New York, early Thursday using forged documents. The Korean National Police Agency later confirmed his identity.

Currently, he is facing a series of charges related to fraud, price manipulation, and fraud.

According to a source, South Korea and the United States are seeking his extradition to face investigations.

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