Official records gathered from the outlet describe a company called Codokoj22, which was registered in Belgrade by Kwon and his business partner Han Chang-joon who is named as a co-director.
Terraform Labs co-founder Do Kwon established a firm in Serbia for less than $1, weeks after being alerted with an Interpol red notice, according to the documents from the Serbian Business Registry. The local advocates were credited for helping Do Kwon establish a shell company in Serbia following notice from international authorities of his arrest.
The infamous co-founder was arrested in Montenegro on March 23rd after months of dodging authorities following the Terra environment breakdown. Investors are predicted to have lost more than forty billion USD. Even though the Terra UST de-peg happened in May 2022, it wasn’t until September 2022 that the South Korean legislature posted an arrest warrant based on a violation of financial laws.
Official records gathered from the outlet describe a company called Codokoj22, which was registered in Belgrade by Kwon and his business partner Han Chang-joon. The pair were arrested in Montenegro for document forgery and traveling on a fake passport, following a failed attempt to board a private jet to Dubai last week.
Kwon is the only founder of the company, but both he and Han are cited as directors. Han is the Chief Executive of mobile payment provider Chai Corporation, a company introduced by Terraform Labs co-founder Daniel Shin. According to South Korean prosecutors, Chai revealed private customer data to the firm when it was established in 2018, and stole funds to publicize its token Luna, which eventually crashed after its sister stablecoin de-pegged from the US dollar in May 2022.
When Interpol issued a red notice for his arrest, Do Kwon was assumed to be in Singapore but had apparently fled the city-state when the notices were issued. This gave rise to conjectures on where he would have fled.
After Do Kwon’s arrest, a news outlet received a document revealing that he had set up a firm with the help of Serbian Lawyers. The document was dated 12th October 2022, three weeks after Interpol’s red notice. Although written in Serbian, the document indicated that Do Kown did not try to hide his identity.
FatManTerra denounced the entire facade put up by Do and said that the system bends for you if you have wealthy people around to abuse power.
Both US and South Korean authorities are looking for extradition to their countries. However, neither country has a direct extradition treaty with Montenegro.
According to the report, Kwon reached out and set up a contract with the Serbian law firm Gecic Law, to represent him. Under the Criminal Code of Montenegro, the offense harbors a maximum imprisonment sentence of three years. A legal representative of Kwon affirmed that he will allegedly appeal the court’s decision to extend the detention time for up to thirty days. During that time, United States prosecutors on March 23rd revealed that Kwon was in charge of fraud in a New York court.
Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.
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