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.”
On Wednesday, the Police said they have wrapped up the investigation and sent the case to the prosecution suggesting he be indicted.
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.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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