The crypto-verse has had to deal with several controversies in the past. However, the downfall of Terra and its missing founder Do Kwon undoubtedly takes the cake. After South Korean prosecutors and Interpol, a group of retail investors who previously poured their funds into the project was on the lookout for Kwon.
It was brought to light that about 4,400 investors part of a Discord group were trying to track the whereabouts of Kwon. According to reports, members of the UST Restitution Group (URG) were exchanging information in an effort to locate the Terra founder. The failure of law enforcement to make an attempt and produce results instigated the formation of this group.
This group was formed back on May 16, 2022. Initially, it was set up to aid investors in recovering funds lost during the crash. However now, they seemed to be focused on capturing Kwon.
Is Kwon still in Singapore?
As mentioned earlier, the whereabouts of Kwon has been under wraps for quite some time. Several suggested that he was taking shelter in Singapore to avoid death threats and scrutiny from the South Korean government. In a more recent update, it was revealed that Kwon had departed from Singapore last month.
The Terra founder has now reportedly sought shelter in Dubai. Members of the URG believed so because of Dubai’s crypto-friendly stance. A member of the group said,
“Dubai is friendly to crypto, very international (he would not stand out), and has limited extradition treaties in place. It would seem like the best fit for the 3-5 hour timezone shift apparent in the data.”
It should be noted that the South Korean government gave Kwon until October 19 to submit his passport. Post this, he would be labeled as an “illegal immigrant.”
The whereabouts of Kwon’s presence in Dubai, however, are still being investigated by the South Korean authorities. Investors were growing apprehensive since they weren’t receiving justice, despite Kwon’s continued denials that he was on the run.