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A large group of private investors is reportedly organizing a manhunt to locate Do Kwon, the founder of stablecoin issuer Terra (LUNA).
according to the new report Shaken by the multi-billion dollar collapse of the Terra ecosystem earlier this year, crypto traders are hunting down Kwon to try to recoup their losses, according to the Financial Times.
Known as the UST Restitution Group (URG), 4,400 investors are using international flights to Kwon’s last known location as a means of tracking crypto entrepreneurs.
Kwon is currently wanted by Interpol and South Korean authorities on suspicion of committing financial fraud. He is also the subject of class action lawsuits in Singapore and the United States.
Kang Hyung-suk, a URG member who was employed by Terraform Labs before it collapsed, told the Financial Times that he was flying to Dubai, where he believed Kwon was likely hiding.
“Finding him may be easier than you think. I would like to recruit others to join the search. The chances of getting him in Dubai are 50-50.”
Another member of the organization, a pseudonym for HKTrader, said he lost his savings by investing in the stablecoin TerraUSD (UST). HKTrader says it has filed a class action lawsuit against Kwon when he was tracking him in Singapore.
However, HKTrader said it lost track of Kwon after the crypto entrepreneur left the country.
Earlier this week, Kwon said he was solely responsible for Terra’s demise, which lost about $40 billion from the crypto industry. Kwon has yet to reveal his whereabouts, citing his safety concerns.
According to URG, Kwon could now be located in countries such as Dubai, Russia, Azerbaijan, Seychelles and Mauritius.
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Featured image: Shutterstock/agsandrew
