May 26, 2022 09:01
A crypto investor was arrested today in Seoul, South Korea for trespassing at the residence of Do Kwon, the co-founder and CEO of Terraform Labs.
The suspect, whose identity has been concealed, allegedly entered the apartment complex in eastern Seoul last week and rang the doorbell when Kwon's wife was at home, looking for him.
Kwon is at the heart of the Terra cryptocurrency's and Luna's digital coin counterparts' huge downfall. Luna's price has dropped to under 1cent, having traded for over $80 at the beginning of the month, while their stablecoin built to always be worth $1 continues to massively miss the mark at $0.09.
"I've lost between 2 and 3 billion won (US$2.3 million)" the suspect told reporters during an inquiry at Seongdong Police Station.
The suspect, who runs an online broadcasting channel, alleges that people have committed suicide as a result of the stablecoins' decline.
Pleading with Kwon to take responsibility for the current catastrophe, the suspect said Kwon should apologize to the over 200,000 investors who have lost money.
Kwon's wife requested police protection after his visit, according to officials.
Terraform Labs says they are working on ways to keep its Terra blockchain and ecosystem running despite the collapse of its cryptocurrency.
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Author: Adam Lee
Asia News Desk / Breaking Crypto News
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