Thousands of affected investors are trying to find the creator of the Terra ecosystem. How?
The creator of the Terra ecosystem project Do Kwon is being hunted down. Yet investors affected by the collapse of the project have also joined the hunt – in addition to South Korean law enforcement agencies and Interpol. They are coordinating their actions in a Discord server called the UST Restitution Group (URG), where there are already more than 4,400 active members. In general, investors are not satisfied with the official harassment of Do Kwon and are trying to find it on their own. Of course, the main reason here is the lost investment, which is already unlikely to be recovered. But the victims of the losses want at least to bring Kwon to justice, while the latter is not particularly keen to engage with the authorities. We tell you more about the situation.
Just a few days ago, Do Kwon gave an extensive interview on the Unchained podcast. He says he is not hiding from the investigation and is willing to cooperate with it in any way he can. But Kwon has no intention of revealing his whereabouts, continues to tweet and keeps reiterating that he is "not on the run".
Moreover, Kwon has claimed that the case is allegedly politically motivated by the authorities. However, holders of the original LUNA cryptocurrency and UST "stabelcoin" are unlikely to agree.
According to sources, the amount of losses of cryptocurrency investors in this ecosystem reaches the equivalent of $60 billion. As such, the desire of victims of the market crash to find Kwon is quite predictable – as is his reluctance to contact law enforcement.
Where is the creator of Terra?
The URG was formed back in May – at the time, the investors affected by the Terra collapse were just discussing their steps in launching legal action against the project team. The group’s goal at the time was to recover funds.
Recall that the TerraClassicUSD stabelcoin had lost its peg to the US dollar a few weeks before, causing the Terra Classic coin to depreciate almost completely. And while management representatives had the money to maintain UST parity with the dollar, they made some important mistakes that ultimately led to the collapse. In this regard, the victims of the collapse consider the founders of the project to be the ones to blame.
Terra Classic exchange rate over time
Now URG’s initiatives have turned into a targeted search for Do Kwon: the previous day investors determined that the Terra creator may be in Dubai. One of the group’s members, 26-year-old Kang Hyun Suk, went in search of him this week. Another URG member commented on the group’s speculation as follows.
Dubai is a crypto-open place, a very international city, so Do Kwon will not stand out here. There’s also a limited extradition policy here. It’s a great place to move around a few time zones.
The search for Do Kwon is sort of supposed to be handled by Interpol. The latter's staff are also busy developing the virtual space: the day before, representatives of the International Criminal Police Organisation announced that they were entering the niche of meta-universes. It means that representatives of Interpol will now be able to meet in virtual reality.
Here is a video about the relevant initiative.
There’s a hint in the quote that Kwon is initially being tried to be tracked by his time zone social media posts. Incidentally, according to Cointelegraph’s sources, the Kang Hyun Suk who went looking for him is a former developer of Terraform Labs, the company that created Terra. He has been a member of URG since May – meaning Kwon may have conflicts not only with casual investors but also with his subordinates.
Terra creator Do Kwon
We think Terra investors' desire to locate Do Kwon is understandable. After all, the entrepreneur was tentatively able to leave South Korean territory, but has still not been found by law enforcement authorities. Perhaps his capture is not a priority for the latter, but that clearly does not make it any easier for the coin holders. They have, therefore, decided to take the initiative - although it is hard to believe it will succeed, given Kwon's capabilities.
I wonder if a group of financially pissed off investors will be able to find Kwon before Interpol does. Stay tuned for more developments in our Millionaire Cryptochat. There we talk about other important topics related to the world of blockchain and decentralisation.
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