Kang Hyung-suk’s faith in cryptocurrencies was shattered by the $40 billion bankruptcy of Do Kwon’s cryptocurrency operator Terraform Labs, where he previously worked in Seoul. Now he wants something in return.
In about 10 days, Khan will fly to Dubai, the capital of the crypto-friendly United Arab Emirates. Kwon hidden. “Finding him may be easier than you think,” Kang said.
The 26-year-old software engineer works for the UST Restitution Group, an organization of approximately 4,400 people. cipher An investor tries to track down Kwon, who is wanted in South Korea on suspicion of financial fraud.
“I would like to have other people join the search,” Kang said. “The odds of getting him in Dubai are 50-50 for him.”
The international hunt for Mr. Kwon, a 31-year-old Stanford-educated entrepreneur, has intensified as private investors try to bounce back from their predicament. devastating loss This is due to the crash of his terraUSD and luna coin in May.
Investors have filed class action lawsuits against Mr. Kwon in Singapore and the United States, and Interpol has issued a loss notice to Mr. Kwon. South Korea is expected to revoke his passport on Wednesday.
In an interview with crypto podcast Unchained this week, Kwon claimed the accusations against him were neither “legitimate” nor “politically motivated.” He said he was responding to requests for documents from South Korean prosecutors and apologized to victims of the collapse of the blockchain system.
he denied wrongdoing but refused reveal his whereabouts, cites security concerns. His last location at the end of April was in Singapore, according to South Korean officials.
URG members share their findings about Kwon and his company via the social messaging platform Discord, and comb the internet for clues to Kwon’s whereabouts. Members have suggested Kwon could be in places such as Dubai, Russia, Azerbaijan, Seychelles and Mauritius.
“Dubai is crypto-friendly, very international (unobtrusive) and has limited delivery treaties,” URG members wrote in a report dated Sept. 28. Time zone shifts are evident in the data. ”
URG is made up of members all over the world. “His life is limited,” said the top member of his URG, nicknamed Antithesis. He introduced himself as his 31-year-old American educated in his league Ivy. “There are people who are very close to Dokwon.”
He claimed his group was doing “a lot” of work to track down Kwon. “I’m obviously not going to go into details because publishing our method would make it ineffective. But I think we’re doing more than anyone else.”
Antithesis, which said it lost most of its life savings worth hundreds of thousands of dollars betting on terraUSD, called the experience “devastating.”
“My entire life planning timetable has been turned upside down and I’ve been set back years. The stress on top of that may have shortened my lifespan by a few years as well,” he said. .
Another URG member nicknamed HKTrader, who works for a Hong Kong-based fintech firm, said he used up his savings to build a house on terraUSD and spent a month organizing a Singapore class action lawsuit against Kwon. However, it was a private investigator who found his whereabouts in Japan.
“We tracked [him] It fell pretty well when he was in Singapore,” he said, adding that his group lost track of Kwon after he left the city-state.
he is skeptical Interpol’s ability to find Kwon“You know how Interpol works. It’s up to the host country to act,” he said.
However, even if Kwon is arrested and extradited to South Korea, the uncertainty over whether cryptocurrencies will be subject to the Securities Act has forced him to convict and punish him for financial fraud and violating capital market rules. Experts say it won’t be easy to do.
“Given that there is no legal basis for punishing cryptocurrency players, I wonder how effective legal action against him would be,” said Seoul-based cryptocurrency expert Choi Hwain. .
“This will further strain the cryptocurrency market, depressing its value and further hurting investors as a result.”
Earlier this month, a South Korean court questioned whether TerraUSD and luna qualify as investment securities under the country’s capital market law, prompting prosecutors to issue arrest warrants for Kwon’s aides who headed Terraform Labs’ business operations. declined the request.
Terraform Labs said it will continue to communicate with authorities, but criticized South Korean prosecutors for speaking to the media.
“Recent developments reaffirm that Terraform Labs and its stakeholders continue to face a highly political and volatile legal environment in South Korea,” the company said.
“Facts are on our side and we look forward to seeing the truth come out in the coming months.”
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https://www.ft.com/content/1a7d82ff-9986-4890-99e8-048940ce8553 Private Investors Become Vigilantes Hunting Crypto’s Most Wanted