South Korean prosecutors believe Do Kwon, the developer of two defunct cryptocurrencies, is hiding in Serbia, according to the semiofficial Yonhap News Agency, citing prosecution officials. According to Yonhap, the Seoul Southern District Prosecutors Office received information that Mr. Kwon had spent about a month in Serbia after leaving the United Arab Emirates. Since September, South Korean authorities have been attempting to apprehend Mr. Kwon. After the cryptocurrencies he created, TerraUSD and Luna, crashed earlier this year, Mr. Kwon faced an investigation in South Korea and investor lawsuits in US courts. The crash wiped out $40 billion in value in the two cryptocurrencies in a matter of days, wiping out the savings of thousands of investors.
