Do Kwon's $1 Serbian Company: What Happened in October 2022?

Reports indicate Terraform Labs co-founder Do Kwon established a firm in Serbia for less than $1 in October 2022, raising questions about his activities following the collapse of TerraUSD (UST) and LUNA. This move occurred shortly after an Interpol red notice was issued for his arrest, adding another layer of complexity to the ongoing legal proceedings.

A recent report from DefiLlama’s news arm, DL News, revealed that Kwon registered a company in Serbia just three weeks after the Interpol notice. Official records from the Serbian Business Registry show the company, called “Codokoj22 d.o.o. Beograd,” was established on October 12, 2022.

According to official records from the Serbian Business Registry, as cited in a DLNews report on March 27, Kwon opened a company called “Codokoj22 d.o.o. Beograd” in October 2022. The initial capital investment was reported to be a mere 200 Serbian dinars, equivalent to less than $1.

The report from DL News highlighted that just weeks after Kwon's name was included in Interpol's red notice list, particularly in October 2022, he registered a company in the Serbian capital. Now detained in Montenegro, the establishment of this Serbian firm in October, revealed through official records from the Serbian Business Registry, adds to the scrutiny surrounding Do Kwon's movements after the Terra/LUNA crash.

The purpose of “Codokoj22 d.o.o. Beograd” and its activities remain unclear. However, the timing of its establishment, coinciding with the Interpol red notice and for such a minimal investment, has drawn significant attention from legal authorities and the cryptocurrency community. Investigations are ongoing to determine the full scope of Kwon's operations and financial dealings during this period.