Terraform Labs founder Do Kwon has a new target on his back.
Following Interpol’s apparent intervention in the hunt for Kwon at the behest of South Korean authorities, the 4,400-strong Discord server UST Restitution Group (URG) has joined the search party.
Investors and authorities alike have been trying to track Kwon down ever since Terraform Labs’ UST and LUNA cryptocurrencies collapsed in a stunning US$40bn market rout.
The crash was devastating for retail investors, some of whom saw their life savings disappear.
Given LUNA and UST’s primacy in the crypto markets, the crash has also been blamed for the depressing state of today’s markets.
The Financial Times reported that one such retail investor and URG member Kang Hyung-suk is set to fly to Dubai to take the manhunt to the ground.
“I want to recruit other people to join the search,” said Kang. “There’s a 50-50 chance of getting him in Dubai.”
But as other URG members have pointed out, it is unclear what Kang or another vigilante intends to do should he be found.
While most believe Kwon to be holed up in Dubai – a crypto-friendly place that doesn’t have an extradition treaty with Korea – Russia, Azerbaijan and a yacht in the ocean have also been speculated on.
Kwon restated his position that he isn’t on the run in a recent interview with Unchained, but he remains unwilling to disclose his location. Nor does he intend to return to South Korea to face charges of securities law violations.
“The main reason why I don’t want to talk about my location to the media is because when the crash happened in May, there were lots of situations where personal security was threatened,” including break-ins at his private residence, stated Kwon.
And despite South Korean prosecutors also asserting that Kwon is in Dubai, his whereabouts is unconfirmed.
But Dubai is certainly a distinct possibility, reckons David Lesperance, managing director at tax and citizenship firm Lesperance & Associates.
“The additional question is whether or not he has an alternative to the cancelled Korean passport. If not then he is stuck wherever he is located,” Lesperance told Proactive.
“Even though UAE does not currently have an extradition treaty with Korea, the UAE could still choose to deport him for not having a valid passport. Without a valid passport, he will not be able to board any commercial or private plane EXCEPT for the one on the tarmac with the Korean flag on the tail.”
For now, the whereabouts of crypto’s most wanted man remains a mystery.