Do Kwon, the founder of stablecoin issuer Terra Labs, is reportedly the subject of a manhunt organized by a group of retail investors (LUNA). Currently, he is the most sought-after person in the crypto world, and officials in South Korea, Interpol, and the UST Restitution Group are all attempting to find him.
According to the Financial Times, a group of roughly 4,400 former Terraform Labs investors has come together in an effort to find the person responsible for the company’s failure and recoup their losses.
Investors Known As UST Restitution Group (URG) Organizing Manhunt for Do Kwon
The 4,400-strong group of investors, known as the UST Restitution Group (URG), is traveling abroad to Kwon’s last-known locations in an effort to find the crypto entrepreneur.
The collapse of Terra, according to several in the group the newspaper spoke with, cost them their entire life savings. They now spend their time researching the founders’ whereabouts online and discussing their findings in a Discord chat.
Interpol and the South Korean government are both looking for Kwon right now over allegations of financial theft. Additionally, he is the subject of class action litigation in the US and Singapore. Last month, a South Korean court issued an arrest warrant for Do Kwon, and Interpol then issued a red alert for his detention.
Do Kwon Suspected To Be Hiding In Dubai
A member of URG who worked at Terraform Labs before its demise, Kang Hyung-suk, told the Financial Times that he is traveling to Dubai because he thinks there is a good probability Kwon is there hiding.
“Finding him might be simpler than anticipated. I’d like to enlist more individuals in the search. In Dubai, your chances of finding him are 50/50.” said Kang.
Kwon may be in Dubai, according to members of the UST Restitution Group; one of them even traveled there to try to find him. The Seychelles, Azerbaijan, and Russia are more potential places.
Another group member who goes by the alias HKTrader claims that he lost his savings after purchasing the stablecoin TerraUSD (UST). As HKTrader was pursuing Kwon in Singapore, he claims to have been assembling a class action case against him.
Earlier in the week, Do Kwon took full responsibility on the collapse of the Terra ecosystem. This collapse resulted in a loss of close to $40 billion for investors according to Fortune.
Kwon may currently be in Dubai, Russia, Azerbaijan, the Seychelles, or Mauritius, among other places, according to the URG.