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Terra: 4,400 Crypto Investors on Massive Hunt for Do Kwon

Thu, 10/20/2022 - 12:54
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Tomiwabold Olajide
Members have speculated number of possible locations for Do Kwon
Terra: 4,400 Crypto Investors on Massive Hunt for Do Kwon
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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.

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.

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.

Terra LUNA Shows Highest Weekly Losses Among Top 100 as Do Kwon Comes Under Pressure

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.

LUNC, LUNA Prices Drop Following Freeze of Over $40 Million Worth of Terra's Do Kwon's Assets

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."

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.