Kang Hyung-suk’s faith in cryptocurrencies was shattered by the $40bn collapse of Do Kwon’s cryptocurrency operator Terraform Labs, where he used to work in Seoul. Now he is looking for payback. In about 10 days, Kang is flying to Dubai, the capital of the crypto-friendly United Arab Emirates, where he believes Kwon is hiding. “Finding him could be easier than thought,” said Kang. The 26-year-old software engineer belongs to the UST Restitution Group, an association of nearly 4,400 crypto investors trying to track down Kwon, who is wanted in South Korea on charges of financial fraud. “I want to recruit other people to join the search,” said Kang. “There’s a 50-50 chance of getting him in Dubai.” The international manhunt for Kwon, a 31-year-old Stanford-educated entrepreneur, is intensifying as retail investors try to recover from the devastating losses caused by the collapse of his terraUSD and luna coins in May. Investors have launched class action lawsuits against Kwon in Singapore and the US, while Interpol has issued a red notice for him. South Korea is expected to revoke his passport on Wednesday. Kwon claimed in an interview on crypto podcast Unchained this week that the charges against him were not “legitimate” and were “politically motivated”. He said he was complying with document requests from South Korean prosecutors and apologised to the victims of his blockchain system’s collapse.
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