After the collapse of Terraform Labs, $49 billion of investors’ funds vanished into thin air. Considering the scale of the event, it was enough to shatter the faith of even the firmest believers in crypto, such as Kang Hyung Suk, who previously worked for Terraform Labs.
In 10 days, the ex-Terraform Labs employee will be going to Dubai, where he thinks Do Kwon is currently residing. In his opinion, finding Kwon could be easier than he expected.
Kang, a 26-year old software engineer, is a member of the UST Restitution Group, which includes around 4,400 crypto investors looking to track down Kwon’s whereabouts.
Currently, Do Kwon is wanted for fraud in his home country of South Korea.
50-50 Chance of Getting Do Kwon in Dubai
According to Kang, there’s a 50/50 chance that he might track down Do Kwon in Dubai. Hence, he’s looking to recruit other people for the search.
The spectacular collapse of Terraform Labs was inevitable after the LUNA and terraUSD coins plummeted in May. Since then, investors are struggling to recover from the losses they incurred.
Because of this, an international manhunt for Do Kwon is starting to gain momentum. Retail investors have banded up to file class action lawsuits against the crypto entrepreneur in the US and Singapore.
Moreover, Interpol has even issued a red notice, and the government of South Korea is set to revoke his passport in the coming days.
Do Kwon Claims That Charges against Him Were Illegitimate
In an interview this week, Do Kwon acknowledged that he was in the wrong for his arrogant attitude on Twitter and the weaknesses of the platform. However, he claimed that the charges held against him were politically motivated.
On the Unchained podcast, he explained that he was complying with the South Korean authorities’ requests for documentation. He also apologized to the investors who suffered due to the blockchain’s failure.
Kwon Could Be in Mauritius, Seychelles, Azerbaijan, or Russia, Says URG Member
Members of the URG share their findings on Kwon’s whereabouts through Discord. They carefully look through the internet for clues as to where he could be.
Currently, members suggest that he could be hiding in crypto-friendly locations like Mauritius, Seychelles, Azerbaijan, or Russia.
Based on information from the South Korean authorities, Kwon’s last tracked location was Singapore. But this update is from April, so it’s likely that he is currently residing elsewhere.
In a report from September 28, one member of the URG explained that Dubai is the most likely location due to its crypto-friendliness. Moreover, it’s an international city where he wouldn’t stand out from the crowd. Not to mention, the UAE has very few extradition treaties.
Hence, Dubai is the best bet when narrowing down countries that would allow for a 3-5 hour shift in the time zone.