Benzinga - Serbian authorities have confiscated a €2 million luxury apartment in Belgrade where Terraform Labs founder Do Kwon sought refuge during a six-month pursuit, according to Serbian prosecutor Branko Stamenkovic.
Stamenkovic told DL News, “The police were on the ground to search the apartment and premises based on the order of the higher court in Belgrade at the proposal of the prosecution for a high-tech crime, and the apartment was temporarily confiscated based on the order of the prosecution.”
Both the United States and South Korea have accused Kwon of fraud related to the $60 billion collapse of the Terra blockchain network in May of last year.
South Korean authorities are also seeking the extradition of Han Chang-joon for his role as the former CFO of Terraform Labs.
In September 2022, Interpol issued arrest warrants for the two South Korean nationals.
Also Read: The $7M Transfer Do Kwon Reportedly Made To Law Firm Just Before Terraform Labs' Downfall
Kwon reportedly transferred $7 million to a South Korean law firm before the collapse of TerraUSD and Luna tokens in May, according to national broadcaster KBS.
“We have reason to suspect that the apartment was bought with the money derived from the criminal acts that are charged against him in Korea,” Stamenkovic said.
Stamenkovic, the Head of Special Prosecution for High Tech Crime for the Republic of Serbia, has been collaborating with South Korean officials in the search for Kwon and Chang-Joon, who were long suspected to be hiding in Serbia.
The property was purchased by Chang-Joon, who was arrested with Kwon while attempting to board a private jet to Dubai from Montenegro.
The duo was detained on suspicion of using forged passports and currently awaits formal charges from a Montenegrin court, expected to occur this week.
South Korean authorities issued a Red Notice—an international arrest warrant—for Kwon and Chang-Joon on Sept. 20, 2023, according to Montenegrin authorities who apprehended the pair last month.
Read Next: Bitcoin Indicator Just Turned Positive: Could It Indicate Another Bull Market?
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.