Cryptocurrency investors have banded together to join in the search for Terraform Labs CEO Do Kwon, an internationally wanted man.
Nearly 4,400 crypto investors have joined the UST Restitution Group. Scorned by the collapse of the TerraUSD stablecoin, these investors are dedicated to tracking down Kwon, whom they hold responsible. The association uses data to try and discern Kwon’s whereabouts, which members share with each other on a Discord channel.
The URG has members from all across the globe, who have narrowed down the places they believe Kwon could be. Suggestions include places ranging from Russia and Azerbaijan to isolated islands like the Seychelles or Mauritius. However, according to a “3-5 hour timezone shift apparent in the data,” they believe Kwon is most likely in Dubai. “Dubai is friendly to crypto, very international, and has limited extradition treaties in place,” one URG member explained. Prosecutors in South Korea also believe Kwon may have left his previous location in Singapore for Dubai last month.
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Members of the URG are among many who lost untold sums to the stablecoin’s collapse. One member described losing hundreds of thousands of dollars. In addition to setting back his life plans by many years, he said the stress has likely shortened his lifespan. Another member said he had actually worked for Terraform Labs, and felt responsible to bring its leader to justice.
After losing his savings for a house, another user said he organized a class action lawsuit against Kwon in Singapore. A similar class action suit has also been launched in the United States. One reason for this member’s participation is his skepticism of official authorities’ efforts. Although Interpol has issued a Red Notice for Kwon, “it’s up to the hosting country to act,” the member said. As long as Kwon’s location remains undetermined, this approach would seem to remain ineffective.
In a recent interview, Do Kwon also commented on the Red Notice, saying that it was not an international arrest warrant. While remorseful of the damage the collapse had caused so many, he maintained that he had done nothing wrong. In spite of this assertion, he has refused to disclose his location, citing concerns for his safety.
In addition to the Red Notice and lawsuits, South Korean authorities have charged Kwon with financial fraud. Kwon said he was cooperating with prosecutors by submitting documents they had asked for. However, Kwon has neglected to surrender one crucial document requested by authorities, his passport. Consequently, South Korea said it would no longer be valid as of October 19.
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