Do Kwon's manhunt intensifies as South Korean officials travel to Serbia

The manhunt for Do Kwon, the founder of the now collapsed Terra (LUNA) ecosystem, has intensified with South Korean officials seeking international cooperation in nabbing the fugitive.

Officials from South Korea traveled to Serbia over the last week, the perceived hideout of Kwon, seeking assistance in arresting the Terra founder, Bloombergreported on February 7.

As per the report, the visit was made by officials from the country’s prosecution and justice offices. Notably, the prosecutors in South Korea stated that the reports “aren’t false” but have failed to share his possible location.

Since the crash of Terra, Kwon’s location has been a matter of speculation in the global crypto community, with authorities targeting his prosecution for violating South Korean capital market laws. In this line, a red notice was issued against Kwon, followed by revoking his passport.

Kwon maintains innocence

In the meantime, Kwon continues to deny any wrongdoing in the collapse of Terra, although prosecutors in his home country have found it challenging to present a solid case against his former associates. Indeed, the matter has been complicated by the lack of crypto regulations in the Asian country.

Besides government initiatives, Terra investors also formed an online campaign to track down Kwon. The group’s initial investigations alleged that the fugitive was in Dubai, where he is believed to have fled to Serbia.

Although lawsuits have been filed against Kwon, South Korean authorities previously alleged that there was new evidence suggesting that the embattled founder ordered an employee to manipulate the price of Terra.

Since the collapse, assets linked to Terraform Labs, especially Terra Classic (LUNC), have exhibited resilience despite significantly losing their value. Indeed, LUNC has rallied, aided by initiatives such as short squeezes and support from crypto entities.

LUNC price analysis

In the wake of the latest development in the search for Kwon, LUNC has corrected by almost 1.5% in the last 24 hours. However, Terra Classic is up over 6% on the weekly chart.

LUNC seven-day price chart. Source: Finbold

Overall, the token has mainly reacted negatively to news around Kwon’s search.

Featured image via Terra YouTube.