Terra’s private investors begin their search for TFL CEO Do Kwon

The members of the UST Restitution group have called Russia, among others, as a possible location for the founder of Terraform Labs

20.10.2022 - 09:40

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What’s new? After Interpol issued a Red Notice against Terraform Labs (TFL) founder and CEO Do Kwon, and South Korean prosecutors issued a warrant for his arrest and froze about $40 million worth of crypto assets of the company, retail investors of the Terra blockchain ecosystem decided to make their own efforts to track down Kwon, the Financial Times reports.

News on the FT website

What else is known? About 4400 investors, who became victims of the collapse of Terra (now Terra Classic) of $40 billion, plan to independently track down Kwon, who is hiding from justice. They formed the UST Restitution Group to coordinate their efforts, with the first step being a trip to Dubai, where the TFL founder is believed to be hiding. Among other possible jurisdictions, group members call Azerbaijan, Russia, Mauritius, and Seychelles.

Representatives of TFL called the case against Kwon politically motivated and illegal. Kwon also said that he had nothing to do with the crypto assets frozen on Kucoin and OKX exchanges. He also denied accusations of non-cooperation from South Korean prosecutors before being put on the international wanted list, stating that he is not “on the run” or trying to hide, and law enforcement officials simply made no attempt to contact him.

About the TFL situation. Almost immediately after the warrant for Kwon’s arrest was issued, $65,8 million in bitcoins was transferred to the Kucoin and OKX platforms from the Luna Foundation Guard’s wallet, created on the Binance exchange, Subsequently, most of the assets were frozen.

Later, representatives of the Terra Classic community created a petition demanding the listing of the LUNC token on the US crypto exchange Coinbase. Investors of the project claim that the asset is quickly recovering its position. At the moment it has been signed by 3623 people.

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