The hunt for crypto’s most wanted man: Do Kwon

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Although the documentary “Cryptoqueen – The OneCoin Scam,” is making its market debut at Mipcom in Cannes (and it will once again turn the spotlight on Cryptoqueen Ruja Ignatova), the most wanted man in crypto for the moment is another (alleged) criminal: Terra Founder Do Kwon.

By now, the hunt for him has become so international and urgent that even regular investors have joined in. As always, the question that people seek an answer to is the same as it has been before: where has all the money gone?

Some 4,400 crypto investors, most of whom have lost money due to Terra Luna’s collapse, have grouped together and formed the UST Restitution Group. Their aim is to track down Do Kwon and hand him over to the authorities. If at all possible, they would also like their money back, though most admit that this part might become difficult.

#Crypto fugitive #DoKwon, who faces charges in #SouthKorea related to his collapsed stablecoin ecosystem $LUNA / $UST, said he’s cooperating with prosecutors but hasn’t seen the arrest warrant issued for him, per Bloomberg. #LUNA https://t.co/yZ7d1UKD2V

— GTP (@GTP_Global) October 19, 2022

Kang Hyung-suk, a 26-year-old software engineer, is part of the group and is planning to fly to Dubai soon, where conspiracy theorists say Do Kwon is now hiding.  Speaking to the Financial Times, Kang admitted that:

Finding him could be easier than thought.

I want to recruit other people to join the search. There’s a 50-50 chance of getting him in Dubai.

Unchained podcast

Kwon spoke to the makers of the ‘Unchained Podcast’ a few days ago, trying in vain to clear his name and when asked whether he had any regrets for the people who lost money:

So, whatever issues existed with Terra’s design, it’s weakness to the cruelty of the markets, it’s my responsibility and my responsibility alone. Having to contend with such an astronomical loss, it’s quite hard to put into words.

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The podcast did not ask him about his current whereabouts though, and it’s is not even sure that if the UST Restitution Group members find Do Kwon in Dubai they could automatically deliver him to South Korea where he can be charged with a crime.

It is even uncertain if the Terra crypto collapse is subject to securities law.

I wonder how effective the legal action against him could be, given the lack of legal ground to punish crypto players, commented Choi Hwa-in, a crypto expert in Seoul. This would just strain the crypto market further, dragging down their value and hurting investors more as a result.