About 4,400 former Terraform Labs investors will be wanted before Kwon

From now on, cryptocurrency fraudster Do Kwon, who is behind Terraform Labs, will be wanted not only by Interpol but also by defrauded investors. Many investors lost absolutely all of their savings after Terra’s collapse, so they have good reason to want the attacker to be punished as soon as possible.

According to the Financial Times, investors have joined the search for not only Do Kwon, but also other Terraform Labs executives, with the goal of bringing all those involved to justice. Only today it was revealed that the Terra founder, who is wanted in 195 countries, moved from Singapore to Dubai last month. Previously, Do Kwon’s whereabouts were not known for certain.

Apparently, Kwon has several passports with which he travels the world, although he claims on Twitter that he is «making minimal efforts to hide.» According to South Korean law enforcement officials, Do Kwon’s passport was to be revoked yesterday. From now on, the Ministry of Foreign Affairs and the prosecutor’s office of the country where the offender is hiding are obliged to find the illegal resident and deport him to South Korea.

As a reminder, the Terra ecosystem, co-founded by Kwon, collapsed after its algorithmic stablecoin TerraUSD (UST) lost its peg to the US dollar in May. This led to billions of dollars in losses for investors in the cryptocurrency market. The founder and CEO of TerraformLabs is accused of violating South Korean legislation on financial markets.

In order to more effectively search for Do Kwon and other cryptocurrency criminals, the world’s largest criminal police organization, Interpol, has created a special unit in Singapore. According to Interpol Secretary General Juergen Stock, law enforcement agencies often lack the proper training and equipment to track cryptocurrency crimes, so there is a great need for a special unit. International cooperation and real-time information exchange play an important role in the success of Interpol’s investigations, and the special unit will make this happen more smoothly.