The UST Restitution Group, a group of 4,400 angry Terra investors, is attempting to locate crypto’s most wanted international fugitive, Do Kwon. To this very date, the founder of the collapsed Terra/LUNA ecosystem is yet to be apprehended by authorities despite Interpol reportedly issuing a red notice for him.
4,400 Investors On The Hunt For Kwon
A number of crypto investors are reportedly taking matters into their own hands to bring the elusive Terraform Labs CEO Do Kwon to justice.
According to a Financial Times report, members of a cryptocurrency group called “UST Restitution Group” are determined to track down the disgraced founder’s whereabouts. In fact, one Kang Hyung-suk, a 26-year-old software engineer and former Terraform Labs employee, has declared his intent to travel to Dubai, as he believes there’s a “50-50 chance” of finding Kwon there.
“Dubai is friendly to crypto, very international (he would not stand out), and has limited extradition treaties in place. It would seem like the best fit for the 3-5 hour timezone shift apparent in the data,” one member of URG said, as per the FT.
The UST Restitution Group was created after the catastrophic collapse of the UST algorithmic stablecoin in May. UST’s de-peg from the U.S. dollar led to the value of its sister token LUNA falling to effectively zero and wiping billions in investors’ wealth.
Specifically, the members are frustrated at the lack of concrete results from Interpol. They are also doubting the effectiveness of the case against Kwon, given the absence of legal grounds to punish crypto offenders in South Korea.
A South Korean court recently quashed the prosecutors’ attempt to issue an arrest warrant for a key aide to Kwon. Judge Hong Jin-Pyo of the Seoul Southern District Court said it was difficult to see the “necessity and significance” of arresting Yoo Mo, head of general business operations at Terraform Labs.
Some retail investor group members speculate that Kwon could also be in Azerbaijan, Seychelles, Mauritius, or even on a yacht, besides Dubai. Nonetheless, they want to make sure he gets his just deserts. “His days are numbered. We have people who are very, very close to Do Kwon,” another member of URG told the FT.
Where In The World Is Kwon?
Efforts by South Korean authorities to arrest Do Kwon following the implosion of the dual tokens have not borne any fruits. The Terra creator has repeatedly said he’s not on the run and that he is cooperating with law enforcement even though he still won’t tell them where he currently is.
In a recent interview with A-list cryptocurrency journalist Laura Shin, Kwon said he was reticent to disclose his whereabouts because he was receiving threats. It’s worth mentioning that Kwon has refused to return to South Korea any time soon despite being wanted there in relation to charges of violating the Capital Markets Act.
He, however, maintained he had not seen his Korean arrest warrant and that the charges brought against him were politically motivated.