Do Kwon’s Serbian enterprise outlasts Terraform Lab’s collapse

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Amidst authorized turmoil and Terraform Labs’ collapse, Do Kwon’s Serbian enterprise Codokoj22 stays energetic.

Terraform Labs, the corporate behind the $60 billion collapse within the crypto market, filed for Chapter 11 bankruptcy within the U.S. on January 21, almost two years after its dramatic failure.

Nonetheless, Codokoj22 d.o.o. Beograd, one other enterprise by Terraform’s founder Do Kwon, stays energetic. Established in Serbia in 2022, whereas Kwon was evading an Interpol crimson discover, the corporate’s goal stays unclear.

This Serbian enterprise known as Codokoj22, co-founded with Han Chang Joon, is legally operational regardless of Kwon’s present authorized predicaments. With a minimal funding of lower than one greenback, the corporate is headquartered in Belgrade’s outdated city.

Do Kwon's Serbian enterprise outlasts Terraform Lab's collapse - 1
Screenshot of Do Kwon’s Serbian agency registration | Supply:

Curiously, regardless of Kwon and Chang-Joon’s arrest and conviction for utilizing false paperwork, Serbian legislation doesn’t mandate the dissolution of a enterprise because of the authorized standing of its founders.

U.S. and South Korean authorities are looking for Kwon’s extradition from Montenegro to face fraud costs associated to Terraform Labs‘ collapse. Regardless of this, Codokoj22 d.o.o. Beograd continues to operate, owing to the absence of a voluntary liquidation course of and the corporate’s compliance with Serbian enterprise rules.

The corporate’s survival hinges on its adherence to regulatory necessities, similar to submitting monetary statements. Lacking two consecutive annual statements may set off its deregistration, a state of affairs but to happen.

Kwon’s lawyer in Montenegro, Goran Rodic, acknowledged he’s unaware of Kwon’s intentions for the corporate. The way forward for Codokoj22 d.o.o. Beograd stays unsure, as does the decision of Kwon’s authorized challenges throughout a number of jurisdictions.

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