Investors form group to track down on the run Terra founder Do Kwon

Oct 20,2022
KingData News: The UST Restitution Group (URG), comprising about 4,400 crypto investors, was formed to hunt down Kwon globally, with members already following active clues, Financial Times’ Song Jung-a reported on October 19. “Dubai is friendly to crypto, very international (he would not stand out), and has limited extradition treaties. It would seem like the best fit for the 3-5 hour timezone shift apparent in the data,” said a URG member. Despite Interpol’s involvement in the matter, some URG members accused the agency of ineffectiveness.
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.