As Do Kwon, the creator of Terraform Labs, the parent firm of the defunct Terra (LUNA) ecosystem, continues to escape authorities, a group of retail crypto investors have banded forces in an effort to track him down.
Song Jung-a of the Financial Times stated on October 19 that the UST Restitution Group (URG), comprised of around 4,400 crypto investors, was founded to search for Kwon overseas, with members already pursuing active leads.
The group’s efforts are organized using the social media network Discord, where members exchange the most recent hints. Recent indications indicate that Kwon, who is the subject of an Interpol red alert, may be hiding in Dubai, Russia, Azerbaijan, Seychelles, or Mauritius.
However, there is a strong belief that Kwon may be in Dubai because of the crypto-friendly policies in the area.
Despite Interpol’s participation in the case, several URG members have criticized the organization for inefficiency due to its reliance on the hosting nation.
The group also includes people who claim to have substantial life savings after the destruction of Terra. Others formed class actions against Kwon and his business.
Notably, Kwon has denied any culpability in the disaster and insists he is not on the run after South Korean authorities issued an arrest warrant for him for breaking the nation’s securities laws.
However, according to analysts, if Kwon is detained, the allegations that would be brought against him remain uncertain. This is because it is unclear if cryptocurrencies fall under South Korean securities regulation.
Notably, since Kwon’s whereabouts are unknown, police have moved their attention to his close friends engaged in the operation of Terraform Labs. In this instance, a South Korean court recently denied prosecutors’ attempt to issue an arrest warrant for Kwon’s assistant, who oversaw commercial operations at Terraform Labs.