A big group of retail traders are reportedly organizing a manhunt to find the whereabouts of Do Kwon, the founding father of stablecoin issuer Terra (LUNA).
Based on a brand new report from the Monetary Occasions, crypto merchants upset with the Terra ecosystem’s multibillion-dollar collapse earlier this 12 months need to seek out Kwon and recuperate their losses.
The traders, who’re 4,400 sturdy and referred to as the UST Restitution Group (URG), are taking worldwide flights to Kwon’s final recognized places as a way of monitoring down the crypto entrepreneur.
Kwon is at the moment needed by Interpol and South Korean authorities for allegedly committing monetary fraud. He’s additionally the goal of sophistication motion lawsuits in Singapore and the US.
Kang Hyung-suk, a member of URG who was employed by Terraform Labs earlier than its downfall, instructed the Monetary Occasions he’s flying to Dubai the place he believes there’s a very good likelihood Kwon is hiding.
“Discovering him might be simpler than thought. I need to recruit different folks to hitch the search. There’s a 50-50 likelihood of getting him in Dubai.”
One other member of the group, who goes by the pseudonym HKTrader, says he misplaced his financial savings by investing into stablecoin TerraUSD (UST). HKTrader says he was placing collectively a category motion lawsuit towards Kwon as he was monitoring him in Singapore.
Nevertheless, HKTrader mentioned he misplaced Kwon’s path after the crypto entrepreneur left the nation.
Earlier this week, Kwon mentioned he took sole accountability for Terra’s disintegration, which noticed about $40 billion disappear from the crypto trade. Kwon has but to reveal his whereabouts, citing security issues.
Based on the URG, Kwon might at the moment be positioned in Dubai, Russia, Azerbaijan, the Seychelles or Mauritius, amongst different international locations.
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