Do Kwon, co-founder of Terraform Labs, reportedly registered a company called “Codokoj22 d.o.o. According to the official records from the Serbian Business Registry, Do Kwon established a company called “Codokoj22 d.o.o. Beograd” in Serbia for less than $1, just weeks after being flagged with an Interpol “red notice.” The company was registered for its main business activity as consultancy services in October 2022, and Kwon is the sole owner. He allegedly used his Korean passport to register the company, which is still reportedly in operation, along with Han Chang-Joon, the former CEO of Chai Corporation, who was listed as a co-director. Kwon allegedly used his Korean passport to register the company with Han Chang-Joon, the former CEO of Chai Corporation, listed as a co-director. A Serbian law firm, Gecic Law, is said to represent Kwon.
The company is reportedly still in operation, and Kwon has undergone the standard security checks performed by the law firm, including an Interpol website search, which he did not appear on. Last week, Kwon and Han were taken into custody in Montenegro on accusations of utilizing falsified Costa Rican travel documents. The offense carries a maximum imprisonment sentence of three years under the Criminal Code of Montenegro. Kwon has reportedly been charged with fraud in a New York court by US prosecutors, with his legal representative confirming that he would appeal the court’s decision to extend detention time for up to 30 days.