4,400 Crypto Investors on Massive Hunt for Do Kwon

According to the Financial Times, the UST Restitution Group, a group of over 4,400 cryptocurrency investors, is hunting for Terra founder Do Kwon, who is sought on allegations of financial fraud in South Korea.

Members have speculated that Kwon may be anywhere, including Dubai, Azerbaijan, Seychelles or Mauritius. To help find Kwon, South Korea has asked Interpol for assistance. On Sept. 14, prosecutors said that a judge had issued an arrest warrant for Kwon.

According to the FT, about 4,400 crypto investors formed the UST Restitution Group to track down Terra founder Do Kwon, who said it was highly likely that Do Kwon was in Dubai, and investors accused Interpol, which issued a red notice, of inefficiency. https://t.co/91FY59fQaD

— Wu Blockchain (@WuBlockchain) October 19, 2022

Members of the UST Restitution Group have raised doubts about Interpol’s ability to find Kwon and the efficacy of the legal case against him given the lack of a legal basis to punish crypto players in South Korea.

This month, a South Korean court denied the prosecution’s attempt to issue an arrest warrant for Kwon’s close assistant, who oversaw Terraform Labs’ commercial operations. The court questioned whether TerraUSD and LUNA met the requirements for investment instruments under the nation’s capital market statute.

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Do Kwon refrains from giving location

In an interview on the Unchained Podcast published Tuesday and hosted by journalist Laura Shin, Do Kwon declined to reveal his whereabouts throughout the conversation, claiming threats he had received.

Since South Korea issued a warrant for his arrest in mid-September on charges related to the $60 billion wipeout of two tokens he created, TerraUSD and LUNA, the Terra co-founder’s whereabouts have been unknown. He is no longer in Singapore, according to the authorities there.

On the other hand, Do Kwon stated that although he has not seen the arrest warrant filed for him, he is cooperating with the authorities. He continued by saying that he had complied with all document requests made by law enforcement. He denied guilt and insisted that the charges were not “legitimate” and were “politically motivated.”