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.four million and is now below investigation by the South Korean police. “I felt like I used to be going to die,” he mentioned about shedding his investments.
Investor Below Investigation for Going to Do Kwon’s Dwelling
The collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST) has worn out numerous traders. One investor in explicit sought direct solutions from Kwon Do-hyung (aka Do Kwon), CEO of Terraform Labs who’s behind the 2 cryptocurrencies.
The investor, generally known as “Chancers,” is a Korean social media character who conducts streams on cryptocurrency-related matters. He misplaced round three billion received ($2.four million) in the LUNA and UST collapse. He advised BBC Information:
I felt like I used to be going to die. I misplaced some huge cash in a brief time frame. Round $2.4m of my cryptocurrency was worn out.
He defined that he was indignant with the shortage of communication from Do Kwon after LUNA and UST went into freefall. He then searched on-line and located Kwon’s house handle in Seoul.
“I needed to ask him about his plans for LUNA,” Chancers mentioned. “I suffered an enormous loss and needed to speak to him instantly.”
The annoyed investor traveled throughout his house metropolis and knocked on Kwon’s door on Could 12. He streamed the occasion on his on-line channel; about 100 folks had been watching on the time.
Nevertheless, after ringing the doorbell of Kwon’s condominium, his spouse answered the door and mentioned her husband was not house. She additionally known as the police however Chancers already left the constructing once they arrived.
The investor discovered the following day that the police had been searching for him. He then surrendered himself at Seoul’s Seongdong Police Station on the morning of Could 13.
“I surrendered myself to the police station twice,” Chancers harassed, insisting: “I didn’t trespass on Do Kwon’s property, however based on Korean regulation, it’s unlawful to only go there and attempt to discuss. I didn’t know.”
Chancers advised the information outlet that he expects to face a superb and a prison file 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 when I’m convicted of this case, I could not be capable of return to the civil service once more.
“In Korean tradition, the issue itself shouldn’t be necessary however somewhat the truth that it prompted a scandal,” he defined. “I even needed to apologize publicly as a sinner. I had no concept this could be so massive. It’s very unhappy.”
On Wednesday, the Police mentioned they’ve wrapped up the investigation and despatched the case to the prosecution suggesting he be indicted.
Do Kwon claims that he has been in Singapore since December final 12 months. Nevertheless, he dissolved Terraform Labs Korea and shut down the corporate’s Korean places of work 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 Basis Guard.
Do you suppose it was unsuitable for the investor to knock on Do Kwon’s door after he misplaced tens of millions in the LUNA and UST crash? Tell us in the feedback part beneath.
A pupil of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.
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