Terra CEO’s home was broken into by a crypto investor who had lost $2 million.

by Cynos - 28
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On Monday, May 16, authorities in Seoul, Korea questioned a crypto investor suspected of trespassing into the residence of Do Kwon, co-founder and CEO of Terraform Labs.

According to a report by the Korean news outlet Yonhap, the suspect, whose name has been withheld, allegedly broke into the apartment complex in eastern Seoul a week ago and then rang Kwon’s doorbell while his wife was inside the residence.

According to the authorities, after Kwon’s visit, his wife requested police protection for them both. Kwon previously stated in a blog post that Terraform Labs is working on methods to keep the Terra blockchain and ecosystem operational despite the coin’s devaluation.

“I’ve lost between 2 and 3 billion won (approximately $2.3 million),” the suspect told reporters following an investigation at the Seongdong Police Station.

Who is Do Kwon and what happened to LUNA?

Kwon is the driving force behind the precipitous decline of algorithmic stablecoin TerraUSD (UST) and its counterpart token Terra (LUNA).

A month after hitting a new all-time high of $119 USD, the price of LUNA is now trading at nearly $0.00012, down 45 percent on the day despite a recent pump, while the price of TerraUSD is around $0.09 cents.

The suspect, who operates an internet broadcasting station, claims that individuals have committed suicide in response to the decline of the stablecoin. In addition, the investor wanted Kwon to apologize to more than 200,000 investors whose investments had vanished.

Earlier on May 16, Finbold reported that LUNA had nearly all of their Bitcoin exchanged. Indeed, following confusion regarding the whereabouts of its missing 80,000 BTC reserves, the Luna Foundation Guard, the organization in charge of the Terra ecosystem led by Kwon, released information about its missing reserves.

Between May 8 and 10, the Luna Foundation sold 80,082 Bitcoins for US Dollars, leaving them with only 313 Bitcoins remaining.

Bottom line :

Do Kwon, co-founder and CEO of Terraform Labs, is the driving force behind the precipitous decline of stablecoin TerraUSD (UST) and its counterpart token Terra (LUNA) in Seoul, Korea. Luna Foundation Guard, the organization in charge of the Terra ecosystem, released information about its missing reserves. According to a report by the Korean news outlet Yonhap, the suspect, whose name has been withheld, allegedly broke into the apartment complex in eastern Seoul a week ago and then rang Kwon’s doorbell while his wife was inside the residence.

Source :

Finbold

Bitcoin Magazine

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