Fun

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

News Feed - 2022-05-25 08:05:52

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. Tags in this story do kwon, do kwon bitcoin, do kwon crypto, do kwon cryptocurrency, do kwon’s wife, LUNA, Terra, TerraUSD, UST


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. Kevin Helms


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. Crypto Firms Launch Community-Powered Scam Reporting Platform "Chainabuse" FEATURED | 18 hours ago Veteran Investor Jim Rogers Optimistic About Future of Crypto Money FEATURED | 22 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleHardware Wallet D’CENT Offers Multiple Ways Which Can Help Users Bypass Crypto Exchanges Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Disney Reportedly Axing Metaverse Division Amidst Company Restructuring
Disney Reportedly Axing Metaverse Division Amidst Company Restructuring The metaverse division of Disney has apparently fallen victim to the latest round of layoffs announced by th
China Wants Communist Party Members to Pledge Loyalty on Blockchain
China’s Communist Party (CPC) is taking its leader’s support for blockchain to heart. Following Xi Jinping’s bombshell speech last week urging his countrymen to &#
WazirX hacker funnels $149M of SHIB, MATIC other altcoins into ETH
Brayden Lindrea3 hours agoWazirX hacker funnels $149M of SHIB, MATIC other altcoins into ETHBlockchain security firms say bad actors typically move altcoins into Ether to prepare for laundering, as the native token has n
Microsoft to Offer Mesh, a Corporate Metaverse for Teams
Microsoft to Offer Mesh, a Corporate Metaverse for Teams Microsoft has announced the launch of a metaverse-inspired feature for its Teams app called Mesh. Mesh will allow users to
Worldcoin Gains Upside Momentum: Is A Major Breakout Ahead?
Este artículo también está disponible en español. Worldcoin(WLD) is showing signs of a strong upward push, gaining traction toward the $3.2 key resistance level. As marke
Marcel Pechman4 hours agoBitcoin price drops its early week gains — Here is whyBitcoin price gave up its recent gains as concerning signals from the US economy continue to weigh on investor sentiment.3261 Total views76
Ubisoft teases new blockchain game at Paris Blockchain Week
Gareth Jenkinson6 hours agoUbisoft teases new blockchain game at Paris Blockchain WeekThe AAA game developer aims to launch its first blockchain-based game by the end of 2024.918 Total views16 Total sharesListen to artic
Sam Bankman-Fried sentenced to 25 years in prison
Turner Wright8 hours agoSam Bankman-Fried sentenced to 25 years in prisonJudge Lewis Kaplan found that the former FTX CEO also committed witness tampering and perjury based on his testimony at trial over user funds.11300
Fiji central bank warns against crypto use, disappointing Bitcoin hopes
Derek Andersen6 hours agoFiji central bank warns against crypto use, disappointing Bitcoin hopesThe Fijian prime minister’s reported consultations on introducing Bitcoin into the economy seem to have been in vain.5540
Judge reduces Ethereum dev’s prison sentence by 7 months
Turner Wright3 hours agoJudge reduces Ethereum dev’s prison sentence by 7 monthsVirgil Griffith could be eligible for release as early as January 2025 after pleading guilty to violating US sanctions on North Korea.1847
Token-Driven Karaoke Platform Gets a Boost in South Korea as Pandemic Hits Over 2,100 Singing Rooms
Token-Driven Karaoke Platform Gets a Boost in South Korea as Pandemic Hits Over 2,100 Singing Rooms Coronavirus-driven lockdowns and social distancing limits aff
Biggest Movers: DOGE, SHIB Slide Following Better-Than-Expected Payrolls Report 
Biggest Movers: DOGE, SHIB Slide Following Better-Than-Expected Payrolls Report  Meme coins were trading lower on Friday, as markets reacted to the latest U.S. nonfarm payrolls re