Do Kwon starts Serbian company for $1

Do Kwon, co-founder of Terraform Labs, registered a corporation in Serbia for less than one dollar only weeks after receiving an Interpol red warning, according to records from the Serbian Business Registry.

According to a March 27 DLNews article citing government documents, Kwon established “Codokoj22 d.o.o. Beograd” in October 2022 for $0.92 (100 Serbian dinars).

It reported consulting as its primary business activity.

While Kwon is the only owner of the firm, former Chai Company CEO Han Chang-Joon was identified as a co-director.

Furthermore, it is suspected that both Kwon and Han used their Korean passports to register the firm with the Serbian Business Registry, which is supposedly still active.

According to the article, Kwon reportedly hired the Serbian legal firm Gecic Law to defend him.

According to Ognjen Colic, a partner at Gecic Law, Kwon conducted the regular security checks undertaken by the company for every client, including a scan of the Interpol website, which he was not found on.

“He is not on there ­– you can check it yourself now.”

Despite prior reports indicating that a red notice has been issued for Kwon’s arrest, the Interpol website has been examined many times and no information about him has been found.

Both Kwon and Han were detained in Montenegro last week on suspicion of possessing fraudulent Costa Rican travel credentials.

According to the Criminal Code of Montenegro, the maximum term for this violation is three years in jail.

Kwon’s legal counsel has announced that he will fight the court’s decision to prolong his incarceration by up to 30 days.

In the meantime, United States prosecutors stated in a New York court on March 23 that Kwon has been charged with fraud.