Name: The Global Hunt for Crypto’s Most Wanted Man
Uploaded: 2023-11-06T21:44:00Z
Duration: 8 min 31 s

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When cryptocurrencies TerraUSD and Luna collapsed, it wiped out $40 billion from the crypto market and set off investigations into the tokens’ founder that sparked an international manhunt. WSJ reporter Alexander Osipovich joins host Zoe Thomas to explain how he was eventually found. Illustration By Alexandra Citrin-Safadi/Wsj; Photos: Weilun Soon/Wsj, Milos Vujovic For The Wall Street Journal, Woohae Cho/Bloomberg News

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The Global Hunt for Crypto’s Most Wanted Man

Zoe: Welcome to Tech News Briefing. It's Monday, November 6th. I'm Zoe Thomas for the Wall Street Journal. The crash and value of the cryptocurrencies TerraUSD and Luna, in May, 2022, was one of the biggest disasters in crypto history. It sent shock waves through the digital asset industry, led other firms to bankruptcy, and cost investors around the world billions. The company behind those tokens was Terraform Labs. Its founder, Do Kwon, became crypto's most famous fugitive, when he disappeared after the collapse. He has repeatedly denied committing fraud or lying about the cryptos. Our reporters, Alexander Osipovich, Jiyoung Sohn, Weilun Soon, and Drew Hinshaw reported on the story behind the global manhunt, and Alexander Osipovich is here with us. So, Alex, TerraUSD, which was supposed to be pegged to the dollar, crashes, so does its sister coin, Luna, which was meant to help it keep that peg. $40 billion is wiped out from the global crypto market, what does Do Kwon do in the wake of the crash?

Alexander: For a while, Do Kwon continued to lead a more or less, normal life, from his home base in Singapore. He talked about potentially reviving the Terra blockchain that these cryptocurrencies had been based on, and trying to get a fresh start, essentially, but he was dogged by various law suits and investigations, emanating from the TerraUSD/Luna crash. South Korea, which is Do Kwon's native country, had a lot of investors who lost money in the TerraUSD/Luna crash. Prosecutors there opened an investigation, and undertook a lot of efforts to get to the bottom of what happened. They obtained an arrest warrant for Do Kwon in September, 2022, on charges that he'd violated the country's Capital Markets law. Later on, it turned out that the U.S. was investigating him, too. The Securities and Exchange Commission filed a civil fraud lawsuit against Do Kwon, and later, the U.S. Justice Department filed criminal charges against him.

Zoe: And Kwon has denied committing fraud, what are authorities arguing?

Alexander: The authorities are arguing that Do Kwon lied to investors in the way that he promoted these cryptocurrencies. For instance, he talked a lot about how TerraUSD would be a reliable, stable coin, that would maintain its peg to a dollar, and had different mechanisms to keep it in line with that peg. As it turned out, these did not work, and TerraUSD crashed.

Zoe: Can you tell us about some of the investors who lost money?

Alexander: Many of them had put money into something called Anchor Protocol, that you can think of as sort of, like, a bank, where if you park that TerraUSD, you would get close to 20% annual interest, and that might seem extraordinarily high to a lot of you, but many people treated it like, basically, a safe savings account, where you'd get a better yield than what you can get at the bank. So, many people put money into Anchor Protocol, they put their savings into it, and then, it blew up, and that money, essentially, evaporated. They were left with pennies on the dollar. I spoke, for instance, to an IT consultant in the UK, who lost more $30,000 on the TerraUSD crash, he ended up taking a job as a window cleaner to help pay the bills.

Zoe: So, you told us South Korea's arrest warrant for Do Kwon went out in September, 2022, but he disappeared from his home in Singapore shortly before that, where did that leave authorities?

Alexander: They were able to get something called an Interpol Red Notice, which is basically a notice to law enforcement worldwide, that they should be on the lookout for this guy, and arrest him if they see him. It later became clear that Do Kwon had fled to the Balkans, and he was based in Belgrade, the capital of Serbia, and seems to have been there for about half a year, before he crossed the border, into Montenegro, a small, neighboring, Balkan country, where he was arrested.

Zoe: How was Kwon eventually found?

Alexander: Do Kwon was caught the old-fashioned way. He tried to get on a plane in Montenegro, in the country's capital of Podgorica. He showed up at the airport, showed a Costa Rican passport, turned out that set off the Interpol Red Notice alert, and they took him aside, and then it also emerged that the passport was fake. He was attempting to get on a private jet to fly to Dubai. This is all public from the Montenegran court proceedings that have come out of the arrest, as well as from the interview we conducted with the interior minister of Montenegro at the time of the arrest.

Zoe: We should note that we reached out to Kwon's Montenegran lawyer, but Kwon didn't respond to those requests for comment. Alex, do we know anything about his time as a fugitive?

Alexander: Well, one of the things that fascinating about Do Kwon's time as a fugitive, is that initially, he was actually quite public. He tweeted, and gave interviews, and cropped up on social media. He even appeared on a live-streamed crytpo podcast in November of last year, and he wouldn't tell people where he was, saying that it was a matter of personal security. Then, afterwards, his activity died down a bit, especially after the South Korean authorities made it public that he was in Serbia.

Zoe: Okay, so, what happens now?

Alexander: Do Kwon is now in prison in Montenegro. He was convicted of using false documents in connection with the Costa Rican passport, and right now, both the U.S. and South Korea are trying to have him extradited.

Zoe: Alex, Terraform is based in Singapore, so how did South Korea and the U.S. become the places that are charging Do Kwon with fraud?

Alexander: Terraform Labs did have a presence in South Korea, although its main office was in Singapore, and it had people who were working in the U.S., as well. We can infer that South Korea was most aggressive about investigating and prosecuting Do Kwon, because of the number of people in South Korea who lost money in the TerraUSD/Luna crash. On the U.S. side, it's hard to say how many Americans lost money in the crash, but the authorities here, both the Securities and Exchange Commission and prosecutors in the Southern District of New York, are sort of known for asserting a fairly expansive reach of their authority, so if they feel that you've been violating U.S. Securities law, they'll go after you, even if you're not physically in the U.S.

Zoe: All right, that was our crytpo-reporter, Alexander Osipovich. Before we go, just one more note. This is my last show for a while. I'm taking a temporary break for a new adventure. Parenthood. While I'm out, you're gonna hear a few different voices on the show, starting with a familiar one. Hey, Julie.

Julie: Hey, Zoe, and hello, listeners. I'm sure my voice is familiar to many of you. I'm Julie Chang, TNB's producer, and, of course, you may have heard me fill in as host from time to time.

Zoe: So, Julie, listeners will still get our daily show, but you've also got a special series in the works. Can you tell us about it?

Julie: That's right, the holidays are coming up, so we're preparing a special gift series. I'll be chatting with Cordilia James from the WSJ's Personal Tech team about using AI when shopping this time around. The series will be dropping this month, so stay tuned for that.

Zoe: Well, that's it for this edition of Tech News Briefing. Today's show was produced by Julie Chang, with Supervising Producer, Melony Roy. I'm Zoe Thomas for the Wall Street Journal. TNB will be back tomorrow. Thanks for listening.

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