Do Kwon spent less than 1 dollar to establish a shell company in Serbia!

Photo by Andrea Piacquadio:

According to the documents obtained from the Serbian Business Registry, Terraform Labs co-founder Do Kwon founded (1) an organization in Serbia for less than one dollar a few weeks after being notified with an Interpol red notice.

Do Kwon is noted to have received assistance from local supporters in Serbia in establishing a shell corporation after receiving information from government agencies of his impending arrest.

After evading authorities for several months after the Terra environment meltdown, the notorious co-founder was finally taken into custody on March 23 in Montenegro. Investors are anticipated to have suffered a loss of more than forty billion Dollars.

Despite the fact that the de-peg of the Terra UST occurred in May 2022, the South Korean legislature did not issue an arrest warrant for a violation of financial laws until September 2022. This was because the laws had been broken.


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The official documents obtained from the outlet depict a firm called Codokoj22. Kwon and his business associate Han Chang-Joon registered the company in Belgrade under the name Codokoj22.

After their attempt to board a private jet bound for Dubai was unsuccessful a week ago, the two individuals were detained in Montenegro on suspicion of document counterfeiting and commuting on a fake passport.

Although Kwon is the only person credited with founding the corporation, Han and he are both listed as directors.

Daniel Shin, who helped found Terraform Labs, was instrumental in the establishment of Chai Corporation, a mobile payment service provider. Han serves as the Chief Executive Officer of Chai Corporation.

Prosecutors in South Korea claim that Chai disclosed private customer data to the company when it was founded in 2018 and stole funds to publicize the company’s token, Luna, which eventually collapsed after its sister stablecoin became unpegged from the US dollar in May 2022.

It was believed that Do Kwon was located in Singapore when Interpol released a red notice for his arrest; however, it appears that he had already fled the city-state by the time the notices were issued. This led to many speculating about the locations to which he might have escaped.

After the arrest of Do Kwon, a news organization obtained a document that disclosed the fact that he had established a company with the assistance of Serbian Lawyers.

The document included the date October 12, 2022, which was three weeks after the red warning issued by Interpol.

Despite the fact that it was written in Serbian, the file provided evidence that Do Kown had not attempted to conceal his identity.

FatManTerra ripped apart the entire act that Do was putting on and stated that if you have wealthy individuals around to misuse their authority, the system will bend over backward for you.

The authorities in the United States and South Korea are both attempting to get someone extradited to their respective nations. However, neither of these nations has a direct extradition treaty in place with Montenegro.

According to the article, Kwon made contact with the Serbian law company Gecic Law and established a contract with them to represent him in legal matters.

Per the Criminal Code of Montenegro, the offense carries a potential jail term of up to three years. Kwon’s legal counsel has confirmed that their client intends to file an appeal against the decision of the court to lengthen the amount of time spent in detention by up to thirty days.

Prosecutors in the United States said on March 23 that Kwon was being investigated for fraud in a court in the state of New York at this time.

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