Summary:
- Terra’s Do Kwon could have likely flown to Dubai from Singapore after investigations into the collapse of LUNA and UST started to intensify
- Dubai could have been a stopover for another destination
- 4,400 Terra investors have formed the UST Restitution Group to ‘hunt’ him down
Details on the whereabouts of Terra’s founder Do Kwon, are slowly unraveling. According to a report by the team at Bloomberg, Mr. Kwon likely flew out of Singapore to Dubai as investigations regarding the collapse of LUNA and UST started to intensify in September.
The report explained that South Korean prosecutors based in Seoul stated that a statement that Do Kwon had left Singapore for Dubai was not false, and he likely flew to the latter city as a stopover to an unknown destination.
Terra Investors Form the UST Restitution Group; Believe Do Kwon is in Dubai
In addition, Terra investors have allegedly formed their own ‘vigilante’ group to track down Do Kwon’s whereabouts. According to the Financial Times, 4,400 Terra investors have banded together to form the UST Restitution Group (URG) geared towards narrowing down his whereabouts.
One such investor and member of URG is Kang Hyung-suk, who also believes that Do Kwon is in Dubai as it makes the most sense given the city’s history as a crypto hub. They explained:
Finding him could be easier than thought. I want to recruit other people to join the search. There’s a 50-50 chance of getting him in Dubai.
Another URG member added:
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.
LUNA and UST losses Were Devasting – URG Members
URG members are primarily active online using pseudonyms and have shared theories regarding Do Kwon’s whereabouts in addition to their stories on how the collapse of UST and LUNA affected them.
One URG member nicknamed HKTrader explained how he had blown his life savings meant for a house on TerraUSD UST. Another member, Antithesis, called the experience ‘devastating’ but was optimistic that their investigations would soon yield results. They said:
We have people who are very, very close to Do Kwon. I obviously wouldn’t delve into specifics because publishing our methods would render them ineffective. I think we’re doing more than anyone else, though.
[Feature image courtesy of Bloomberg]
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.