SEOUL – South Korean prosecutors have reportedly located Do Kwon, the disgraced CEO of Terraform Labs, in Serbia or a surrounding Balkan nation, according to a local news outlet. 

While reports of Mr. Kwon’s location are unconfirmed, South Korean authorities believe the CEO fled to Europe as a fugitive after his cryptocurrency, LUNA, collapsed in May. Authorities say that the CEO is in Eastern Europe by way of Dubai – a country that does not have an extradition treaty with the U.S. 

Mr. Kwon is alleged to have violated Siouth Korea’s Capital Markets Act in connection with his cryptocurrency’s downfall. South Korean prosecutors have been investigating the collapse of TerraLUNA which wiped out $60 billion after the crypto’s stablecoin depegged. 

South Korean authorities issued a warrant for Mr. Kwon’s arrest in September; that same month Interpol issued a “red alert” to local law enforcement agencies around the world to assist in Mr. Kwon’s arrest and extradition.