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4,400 Angry Investors Chase Terras Do Kwon

Published on

December 20, 2022
Read Time:2 Minute, 21 Second

Members of a 4,400-strong Discord group known as the UST Restitution Group (URG) have tried to hint the whereabouts of Terra co-founder Do Kwon.

Members of the group, apparently out of frustration on the lack of legislation enforcement findings, scour the web for clues and share them with the group to trace down Kwon.

Members have steered he might stay in locations like Russia, Dubai, Azerbaijan and even on a yacht.

Their continued efforts come whilst authorities in South Korea are taking vital steps to deliver Kwon to justice, with a Seoul courtroom issuing an arrest warrant for him on September 14 and Interpol reportedly issuing a "purple discover" on September 26 issued by legislation enforcement businesses worldwide in response to the arrest warrant.

URG was initially based in Might. 16 as a chat room for Terra ecosystem traders and to provoke lawsuits on behalf of its members to recuperate funds misplaced from TerraClassicUSD (USTC), the so-called stablecoin that was decoupled from the US greenback.

A URG member, Kan Hyung-suk, will quickly journey to Dubai, in accordance with an Oct. 19 report report from the Monetary Occasions, a city the place lots of the group consider Kwon is hiding. One other URG member reportedly mentioned:

“Dubai is crypto-friendly, very worldwide (he would not stand out) and has restricted extradition treaties. It seems to be the very best answer for the 3-5 hour time zone shift seen within the information.”

Hyung-suk is a 26-year-old software program engineer and former worker of Terraform Labs, the corporate behind the event of the Terra blockchain, and has been a member of the URG since Might 26.

Kwon, who grew to become a controversial determine following the implosion of the Terra ecosystem, has claimed he's not "on the run" and is absolutely cooperating with any authorities businesses linked to him.

Associated: The South Korean International Ministry is asking Do Kwon to return his passport

was interviewed on Oct. 19 by Laura Shin, a crypto journalist and host of the Unchained podcast, who requested him a sequence of breaking information questions.

Discussing his present whereabouts, Kwon steered that he moved away from Singapore after the Terra crash for causes of privateness and private security, giving for instance that his dwelling had been damaged into, stating:

"It isn't within the curiosity of fleeing or something that I do not need to reveal the place I stay. It is simply that each time my whereabouts change into identified, it turns into nearly unattainable for me to stay there."

A spokesman for Terraform Labs claims the costs towards Kwon are "extremely politicized" and that South Korean prosecutors have expanded the definition of economic collateral in response to public strain. Kwon echoed this sentiment throughout his interview with Shin.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : December 20, 2022
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