Official documents from the Serbian Business Registry have revealed that Do Kwon, the founder of the collapsed Terra ecosystem, established a shell company dubbed Codokoj22 in Serbia for less than $1.
The company was founded three weeks after the International Criminal Police Organization (Interpol) issued a red notice for Kwon's arrest in September 2022.
According to the documents, Kwon received help from local lawyers in Serbia to found the company and signed a contract with the Serbian law firm Gecic Law to represent him.
- In the documents, dated Oct. 12, 2022, Do Kwon did not hide his identity.
- The company was founded by Kwon together with Han Chang-Joon, the chief financial officer of Terraform Labs.
- Kwon and Han were recently arrested at the Podgorica Airport in Montenegro while trying to leave for Dubai carrying falsified traveling documents.
- Both the U.S. and Kwon's native South Korea seek the Terra founder's extradition, though they do not have a direct extradition treaty with Montenegro.
- Recent reports claimed that Do Kwon plans to appeal against the Montenegrin court's decision to extend detention time for up to 30 days.
- Before being arrested in Montenegro, the 31-year-old founder was thought to be hiding in Serbia since December last year.
The multibillion-dollar Terra ecosystem collapsed last year after its native token Luna's price plummeted nearly to zero in May 2022 and lost all its value against the U.S. dollar (USD), triggering a prolonged crypto winter.
- The collapse caused over $60B of money to be wiped off the crypto market.
