The Serbian government has previously been approached by South Korean officials seeking their assistance in bringing Kwon home.

Do Kwon, the contentious founder of the now-defunct Terra ecosystem, is now the target of a more determined manhunt, according to South Korean officials, who allegedly confirmed they dispatched at least two personnel to Serbia to find him.

The prosecutor's office in Seoul reportedly stated that the claims involving members of its team traveling to the Balkan state to locate Kwon "aren't incorrect" according to a Bloomberg story from February 7.

It appears that at least two government representatives left, one from the prosecutor's office and the other from the Justice Ministry of South Korea.

On December 11, the South Korean media outlet Chosun Media mentioned that a state intelligence officer had told them that Kwon had been operating out of Serbia.

There is no extradition agreement in place between Serbia and South Korea at this time.

According to a recent opinion piece by Minso Kim, a writer for the South Korean publication Chosun Media, this probably made Serbia a suitable hiding place for Kwon.

Kwon's passport has been revoked by South Korea, though, which might make future travel more challenging.

Since South Korean prosecutors filed an arrest warrant for Kwon on September 14, he has been charged with being on the run, a charge he disputed in October.

The 31-year-old failed entrepreneur is also charged with violating regulations governing financial markets.

Kwon is renowned for tweeting frequently, but the fact that he didn't tweet or retweet anything for over two months led people to wonder what the controversial figure had been up to.

Kwon, however, recently claimed that he has never taken any money and has never had any "hidden cashouts" in response to an emotive tweet that was directed at him.

The de-peg of the TerraClassicUSD (USTC) algorithmic stablecoin, UST, was a contributing factor in the collapse of the Terra ecosystem. The stablecoin, which was closely related to Terra Classic (LUNC), also fell 100%.

The ecosystem lost worth in the neighborhood of $60 billion.

Kwon,to this day, denies all wrongdoing.

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