The South Korean authorities reportedly issued an arrest warrant to a former Chief Executive Officer of the e-commerce giant TMON.

He supposedly accepted bribes in Terra (LUNA) worth billions of won to promote the infamous blockchain project.

Terra Keeps Splashing the Water

As reported by a local media outlet, an ex-boss of the Korean e-commerce company TMON was slapped with an arrest warrant due to his interaction with the collapsed cryptocurrency project Terraform Labs. Prosecutors accused him of receiving bribery in the form of LUNA tokens to advertise the failed project’s products. 

In addition, Daniel Shin – Co-Founder of Terraform Labs and Co-Creator of TMON – allegedly requested the former CEO to introduce LUNA as a payment method on the platform.

Investigators believe the potential wrongdoer made significant profits after cashing out the accepted digital assets. The arrest warrant is to be reviewed on February 17.

The crash of Terra’s native token – LUNA – and its algorithmic stablecoin – UST – in May last year still echoes across the cryptocurrency space. It triggered severe investor losses, and some people even committed suicide. 

The main culprit (according to many) – Do Kwon – was reluctant to cooperate with law enforcement agencies on the issue and escaped his homeland. His whereabouts are still unknown, as sources previously indicated he could be hiding in Dubai, Russia, and Mauritius.

Has Kwon Found Shelter in Serbia?

Despite promising to reveal his mysterious location, Terra’s Co-Founder has still not provided such information. The most recent sources hinted his current hiding spot could be the Balkan country Serbia. The Korean authorities asked their Serbian colleagues to provide assistance in case Kwon was still in the region. 

Moreover, Interpol has issued a red notice on the 31-year-old developer, meaning law enforcement agents worldwide should join forces and arrest him should they detect his whereabouts.

A delegation of Korean authorities, led by a senior Justice Ministry official, traveled to Serbia earlier this month to join the hunt for Kwon. The prosecutors’ office in Seoul said the reports that he is hiding in the European nation “aren’t false.”

Kwon has kept a low profile during the past several months, which could be another sign that he is trying to escape the long arm of the law. He stopped posting on Twitter, as his latest tweet popped up more than two months ago.


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Dimitar Dzhondzhorov

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