Bitcoin News and Finance
LUNA Investor Arrested for Knocking on Do Kwon’s Door After Losing $2.4 Million in Terra Crash Skip to main content

LUNA Investor Arrested for Knocking on Do Kwon’s Door After Losing $2.4 Million in Terra Crash

LUNA Investor Arrested for Knocking on Do Kwon's Door After Losing $2.4 Million in Terra Crash

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 lost about $2.4 million and is now under investigation by the South Korean police. “I felt like I was going to die,” he said about losing his investments.

Investor Under Investigation for Going to Do Kwon’s Home

The collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST) has wiped out a large number of investors. One investor in particular sought direct answers from Kwon Do-hyung (aka Do Kwon), CEO of Terraform Labs who is behind the two cryptocurrencies.

The investor, known as “Chancers,” is a Korean social media personality who conducts streams on cryptocurrency-related topics. He lost around 3 billion won ($2.4 million) in the LUNA and UST collapse. He told BBC News:

I felt like I was going to die. I lost a lot of money in a short period of time. Around $2.4m of my cryptocurrency was wiped out.

He explained that he was angry with the lack of communication from Do Kwon after LUNA and UST went into freefall. He then searched online and found Kwon’s home address in Seoul.

“I wanted to ask him about his plans for LUNA,” Chancers said. “I suffered a huge loss and wanted to talk to him directly.”

The frustrated investor traveled across his home city and knocked on Kwon’s door on May 12. He streamed the event on his online channel; about 100 people were watching at the time.

However, after ringing the doorbell of Kwon’s condominium, his wife answered the door and said her husband was not home. She also called the police but Chancers already left the building when they arrived.

The investor found out the next day that the police were looking 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 stressed, insisting: “I didn’t trespass on Do Kwon’s property, but according to Korean law, it’s illegal to just go there and try to talk. I didn’t know.”

Chancers told the news outlet that he expects to face a fine and a criminal record that could make his life difficult. He opined:

It’s so hard. I lost a lot of money and now I’m being investigated by the police. I originally served as a civil servant in Korea. But if I am convicted of this case, I may not be able to return to the civil service again.

“In Korean culture, the problem itself is not important but rather the fact that it caused a scandal,” he explained. “I even had to apologize publicly as a sinner. I had no idea this would be so big. It’s very sad.”

Do Kwon claims that he has been in Singapore since December last year. However, he dissolved Terraform Labs Korea and shut down the company’s Korean offices just days before LUNA and UST collapsed.

South Korean authorities have launched an emergency investigation into the implosion of the two coins. This week, the Korean police asked crypto exchanges to freeze the assets of the Luna Foundation Guard.

Do you think it was wrong for the investor to knock on Do Kwon’s door after he lost millions in the LUNA and UST crash? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory