4,400 Investors Following Do Kwon’s Runaway Says He’s In Dubai

Around 4,400 crypto investors have formed the UST Restitution Group (URG) to track down Terra’s founder Do Kwon on a global scale. They said he was most likely in Dubai. South Korea had previously requested a red notice for Do Kwon from Interpol, but investors accused the agency of underperformance.

According to the Financial Times, around 4,400 crypto investors have formed the UST Restitution Group (URG), aiming to track down Terra founder Do Kwon on a global scale. URG members include individuals who claim to have lost their savings following the collapse of TerraUSD (UST) and some are organizing a class action lawsuit against Do Kwon and his company.

The group’s activity is coordinated through the social media platform Discord, where members share the latest clues. Recent suggestions suggest that Kwon may be residing in Dubai, Russia, Azerbaijan, Seychelles or Mauritius. However, the majority of investors think Kwon could be in Dubai due to the region’s crypto-friendly regulations.

“Dubai is friendly to crypto, very international (he would not stand out), and has limited extradition treaties. It would seem like the best fit for the 3-5 hour timezone shift apparent in the data,”

A URG member said

Despite Interpol’s involvement in the matter, some URG members accused the agency of being inefficient because of its heavy reliance on the host country.

Since the arrest warrant was issued until now, the founder of Terra has denied all related allegations and asserted that he was not on the run, will always cooperate with investigative agencies. However, the information from Korean prosecutors gave the exact opposite.

Although he did not reveal his position, Do Kwon is still very active on social platforms, recently participating in an interview with Laura Shin, the cryptocurrency podcast Unchained.

During the conversation, Do Kwon called the charges brought against him by South Korean prosecutors “politically motivated” and stressed that he was not on the run.

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