The UST Restitution Group (URG), comprising about 4,400 crypto investors, was formed to hunt down Kwon globally, with members already following active clues, Financial Times’ Song Jung-a reported on October 19. The group’s operations are coordinated through the social media platform Discord, where members share the latest clues. Recent hints suggest Kwon, who has an Interpol red notice over his name, might be residing in Dubai, Russia, Azerbaijan, Seychelles, or Mauritius.
Kwon likely in Dubai
However, there is a firm conviction that Kwon might be in Dubai due to the region’s crypto-friendly regulations. Despite Interpol’s involvement in the matter, some URG members accused the agency of ineffectiveness since it heavily relies on the hosting country. The group members also comprise individuals who claim to have significant life savings after the collapse of Terra. Some also organized class action against Kwon and his company.
Kwon denies wrongdoing
It is worth noting that Kwon has denied any wrongdoing in the crash while maintaining he is not on the run after the South Korean prosecutors issued a warrant against him for violating the country’s securities laws. However, experts have suggested that if Kwon is arrested, the charges to be preferred against him are unclear. This is due to uncertainty on whether cryptocurrencies are under the securities law in South Korea. Notably, with Kwon’s whereabouts unknown, authorities have shifted focus to his close associates involved in running Terraform Labs. In this case, a South Korean court recently declined a request by prosecutors to issue an arrest warrant for Kwon’s aide who headed Terraform Labs’ business operations. Indeed, Terra is among the crypto projects that crashed amid the ongoing crypto bear market, alongside firms like lending platform Celsius Network. The lender’s troubles began after restricting withdrawals citing issues with liquidity amid allegations the company’s business model was ineffective. Interestingly, despite the collapse, former Celsius executive Aaron Iovine has been hired by JPMorgan Chase (NYSE: JPM) as executive director of digital assets regulatory policy. Featured image via Terra YouTube.
