Digital Assets: Retail Vigilantes Join In The Global Race To Nab Do Kwon

October 19, 2022 | Digital Assets, News

The UST Restitution Group is an association of about 4,400 crypto investors looking to trace Do Kwon and recover losses caused by the collapse of his terraUSD and luna coins in May.

Kang Hyung-suk, who used to work in Do Kwon’s cryptocurrency operator Terraform Labs in Seoul, belongs to the UST Restitution Group, which is trying to locate Do Kwon alongside Interpol and South Korean authorities. Do Kwon is wanted in South Korea on charges of financial fraud. (FT)

Kang, a 26-year old software engineer, is flying out shortly to Dubai, where he believes Kwon is hiding out. “Finding him could be easier than thought,” Kang said to FT. “I want to recruit other people to join the search,” he added. “There’s a 50-50 chance of getting him in Dubai.”

South Korea is likely to revoke Kwon’s passport on Wednesday, while Interpol has issued a red notice for him.

A senior URG member called Antithesis alleges he was devastated after losing his life’s savings worth several hundred thousand dollars by betting on terraUSD. HKTrader, another URG member who was employed at a fintech in Hong Kong, lost all of what he had saved for a house on terraUSD.

Antithesis said the group had accomplished a lot of work to locate Kwon. “I obviously wouldn’t delve into specifics because publishing our methods would render them ineffective,” he said to FT. “I think we’re doing more than anyone else, though.”

However, in a recent interview, Do Kwon claimed that the charges brought against him by South Korean prosecutors are “politically motivated” and that he is not on the run.

Related Story: Do Kwon Not In Singapore; Interpol Issues Red Notice For The Terra Co-Founder

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