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

Amidst legal turmoil and Terraform Labs’ collapse, Do Kwon’s Serbian venture Codokoj22 remains active.

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

However, Codokoj22 d.o.o. Beograd, another venture by Terraform’s founder Do Kwon, remains active. Established in Serbia in 2022, while Kwon was evading an Interpol red notice, the company’s purpose remains unclear.

This Serbian enterprise called Codokoj22, co-founded with Han Chang Joon, is legally operational despite Kwon’s current legal predicaments. With a minimal investment of less than one dollar, the company is headquartered in Belgrade’s old town.

Screenshot of Do Kwon’s Serbian firm registration | Source:

Interestingly, despite Kwon and Chang-Joon’s arrest and conviction for using false documents, Serbian law doesn’t mandate the dissolution of a business due to the legal status of its founders.

U.S. and South Korean authorities are seeking Kwon’s extradition from Montenegro to face fraud charges related to Terraform Labs‘ collapse. Despite this, Codokoj22 d.o.o. Beograd continues to function, owing to the absence of a voluntary liquidation process and the company’s compliance with Serbian business regulations.

The company’s survival hinges on its adherence to regulatory requirements, such as submitting financial statements. Missing two consecutive annual statements could trigger its deregistration, a situation yet to occur.

Kwon’s lawyer in Montenegro, Goran Rodic, stated he is unaware of Kwon’s intentions for the company. The future of Codokoj22 d.o.o. Beograd remains uncertain, as does the resolution of Kwon’s legal challenges across multiple jurisdictions.

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