A crypto investor has been arrested after knocking on Do Kwon’s door following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). South Korean police have now begun investigating his loss of $2.4million. “I felt like I was going to die,” he said about losing his investments.
Investor Under Investigation for Going to Do Kwon’s Home
A large number of investors have been wiped out by the collapses of stablecoin terrausd and cryptocurrency terra (LUNA). Kwon Dohyung (aka Do Kwon), the CEO of Terraform Labs, was contacted by one particular investor to get answers.
The investor, known as “Chancers,” is a Korean social media personality who conducts streams on cryptocurrency-related topics. He suffered a loss of around 3 billion won (2.42 million dollars) during the LUNA and UST crashes. BBC News interviewed him:
My feelings of death were overwhelming. It was a quick loss of money. I lost approximately $2.4 million of my crypto.
After LUNA’s and UST’s freefall, he explained to Do Kwon that he was upset at the lack of communication. 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 broadcast the event via his internet channel. Around 100 people watched it at that time.
However, after ringing the doorbell of Kwon’s condominium, his wife answered the door and said her husband was not home. However, she also dialed the police to report that Chancers was already out of the building at the time they arrived.
The police began searching for the investor the day after. 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 said to the media outlet that he anticipates facing a fine as well as a criminal record which could lead to him having a difficult life. He stated:
It’s so hard. I lost a lot of money and now I’m being investigated by the police. I used to be a Korean civil servant. If I’m convicted, however, it may mean that I won’t be able return to the civil services.
“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. This was something I didn’t know would happen. It’s very sad.”
Do Kwon claimed that he was in Singapore from December 2013 to date. However, he dissolved Terraform Labs Korea and shut down the company’s Korean offices just days before LUNA and UST collapsed.
South Korean officials have opened an urgent investigation into the collapse of two currencies. The Korean police requested crypto exchanges to block the Luna Foundation Guard’s assets this week.
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? Comment below to let us know your thoughts.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of products or services. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused by the content or use of any goods, services, or information mentioned in the article.