Crypto investors scorned by the TerraUSD crash have joined the search for Terralabs CEO Do Kwon.
Cryptocurrency investors have teamed up in the search for Terraform Labs CEO Do Kwon, an internationally wanted man.
Nearly 4,400 crypto investors have joined the UST Restitution Group (URG). Scorned by the collapse of the stablecoin TerraUSD, these investors are dedicated to tracking down Kwon, whom they hold accountable.
URG was originally formed on May 16, as a chat room for investors in the Terra ecosystem, and to help launch lawsuits on behalf of its members to recover lost funds from TerraUSD Classic (USTC), the so-called stablecoin that was spun off of the US dollar.
The association uses data to try to discern Kwon’s whereabouts, which members share with each other in a Discord channel.
The URG has members from all over the world, who have narrowed down the places they think Kwon might be. Suggestions include places ranging from Russia and Azerbaijan, to isolated islands like the Seychelles or Mauritius.
However, based on an “apparent 3-5 hour time zone shift in the data”, they believe Kwon is most likely in Dubai. “Dubai is crypto-friendly, very international, and has limited extradition treaties,” a URG member explained.
Prosecutors in South Korea also believe that Kwon may have left his previous location in Singapore for Dubai last month.
Bone to Pick with the CEO of Terra Luna
URG members are among the many who lost untold sums from the stablecoin’s collapse. One member described losing hundreds of thousands of dollars.
In addition to delaying his life plans by many years, he said the stress has likely shortened his lifespan. Another member said that he had actually worked for Terraform Labs and felt responsible for bringing their 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 lawsuit was also launched in the United States.
One of the reasons for this member’s participation is his skepticism about the efforts of official authorities. Although Interpol has issued a Red Notice for Kwon, “it is up to the host country to act,” the member said. As long as Kwon’s location remains undetermined, this approach would appear to be ineffective.
Recent Comments from the CEO of Terra
In a recent interview, Do Kwon also commented on the Red Notice, saying that it was not an international arrest warrant. Although he regretted the damage the collapse had caused to so many, he maintained that he had done nothing wrong.
Despite this claim, he has refused to reveal his location, citing safety concerns. Kwon suggested that he moved from Singapore after the fall of Terra for privacy and personal safety reasons, citing his apartment being burglarized as an example, stating the following:
“It’s not in the interest of being on the run, or anything like that, that I don’t want to reveal where I live. It’s just that whenever the place where I live is known, it becomes almost impossible for me to live there.”
In addition to the Red Notice and lawsuits, South Korean authorities charged Kwon with financial scam. Kwon said he was cooperating with prosecutors by submitting the documents they had requested.
However, Kwon has forgotten to hand over a crucial document requested by the authorities, his passport. Consequently, South Korea said that it would no longer be valid as of October 19.
By Audy Castaneda
