A crypto investor has been arrested after knocking on Do Kwon’s door following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). He misplaced about $2.4 million and is now beneath investigation by the South Korean police. “I felt like I used to be going to die,” he stated about shedding his investments.
Investor Under Investigation for Going to Do Kwon’s Home
The collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST) has worn out numerous buyers. One investor specifically sought direct solutions from Kwon Do-hyung (aka Do Kwon), CEO of Terraform Labs who’s behind the 2 cryptocurrencies.
The investor, often called “Chancers,” is a Korean social media character who conducts streams on cryptocurrency-related subjects. He misplaced round 3 billion received ($2.4 million) within the LUNA and UST collapse. He advised BBC News:
I felt like I used to be going to die. I misplaced some huge cash in a brief time period. Around $2.4m of my cryptocurrency was worn out.
He defined that he was offended with the dearth of communication from Do Kwon after LUNA and UST went into freefall. He then searched on-line and located Kwon’s dwelling deal with in Seoul.
“I wished to ask him about his plans for LUNA,” Chancers stated. “I suffered an enormous loss and wished to speak to him straight.”
The annoyed investor traveled throughout his dwelling metropolis and knocked on Kwon’s door on May 12. He streamed the occasion on his on-line channel; about 100 folks had been watching on the time.
However, after ringing the doorbell of Kwon’s condominium, his spouse answered the door and stated her husband was not dwelling. She additionally known as the police however Chancers already left the constructing after they arrived.
The investor discovered the subsequent day that the police had been on the lookout for him. He then surrendered himself at Seoul’s Seongdong Police Station on the morning of May 13.
“I surrendered myself to the police station twice,” Chancers harassed, insisting: “I didn’t trespass on Do Kwon’s property, however in line with Korean legislation, it’s unlawful to simply go there and attempt to discuss. I didn’t know.”
Chancers advised the information outlet that he expects to face a effective and a prison document that would make his life tough. He opined:
It’s so laborious. I misplaced some huge cash and now I’m being investigated by the police. I initially served as a civil servant in Korea. But if I’m convicted of this case, I could not have the ability to return to the civil service once more.
“In Korean tradition, the issue itself shouldn’t be necessary however quite the truth that it induced a scandal,” he defined. “I even needed to apologize publicly as a sinner. I had no thought this could be so massive. It’s very unhappy.”
Do Kwon claims that he has been in Singapore since December final 12 months. However, he dissolved Terraform Labs Korea and shut down the corporate’s Korean workplaces simply days earlier than LUNA and UST collapsed.
South Korean authorities have launched an emergency investigation into the implosion of the 2 cash. This week, the Korean police requested crypto exchanges to freeze the belongings of the Luna Foundation Guard.
Do you suppose it was improper for the investor to knock on Do Kwon’s door after he misplaced hundreds of thousands within the LUNA and UST crash? Let us know within the feedback part under.