JAKARTA The collapse of Terra (LUNA) and UST stablecoins in May 2022 to more than 99 percent, has cost LUNA investors both retail and institution. The fall in prices of LUNA and UST at that time also dragged the collapse of the Celsius crypto lending platform and major Three Arrows Capital players.
The latest information states that a group of retail investors has organized the hunt for Terra founder Do Kwon. According to reports from the Financial Times, crypto traders who were annoyed by the collapse of the billions of dollars worth of Terra ecosystem earlier this year wanted to hunt down Kwon and recover their losses.
Investors, totaling 4,400 people and known as the UST Restitution Group (URG), took international flights to Kwon's last known location as a way to track down the crypto entrepreneur.
Kwon is currently wanted by Interpol and South Korean authorities for allegedly committing financial fraud. He is also the target of class action lawsuits in Singapore and the US.
Kang Hyung-suk, a URG member employed by Terraform Labs before his fall, told the Financial Times that he flew to Dubai where he believed there was a possibility Kwon was hiding there.
"Finding it can be easier than expected. I want to recruit other people to join the search. There is a chance forID to get it in Dubai," he said.
Another member of the organization, who goes by the pseudonym HKTrader, said he lost his savings by investing in the TerraUSD (UST) stablecoin. HKTrader said he was compiling a class action lawsuit against Kwon when he tracked him down in Singapore.
However, HKTrader said he lost Kwon's mark after crypto entrepreneurs left the country. Earlier this week, Kwon said he took a single responsibility for Terra's disintegration, which saw about $40 billion disappear from the crypto industry.
Until now, Kwon has not disclosed his whereabouts, citing security concerns. According to URG, there are several countries that could be hiding the founders of LUNA and UST, including in Dubai, Russia, Azerbaijan, Seychelles or Mauritius, among other countries, as reported by Bitcoin.com News.
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