After the collapse of cryptocurrency terra and stablecoin terrausd, a crypto investor was arrested. The South Korean police are now investigating the case. He is believed to have lost $2.4 million. He said that he felt like he was going to death after losing his investments.
Investigator Under Investigation for Going To Do Kwon’s House
A large number of investors have been wiped out by the collapse of stablecoin terrausd and cryptocurrency terra (LUNA). One investor sought answers directly from Kwon Dohyung (aka Do Kwon), the CEO of Terraform Labs, who is responsible for both cryptocurrencies.
The investor, known as “Chancers,” is a Korean social media personality who conducts streams on cryptocurrency-related topics. In the LUNA/UST collapse, he lost approximately 3 billion won (2.4 million). BBC News interviewed him:
It felt like I was going mad. In a very short time, I lost a lot. My cryptocurrency was worth $2.4m.
He said that he was upset at Do Kwon’s lack of communication after LUNA/UST fell into freefall. Kwon’s Seoul home address was found online by him.
Chancers stated that he wanted to talk with Chancers about his plans for LUNA. “I was devastated and wanted to speak to him directly.”
Kwon was frustrated when the investor drove across his hometown and knocked at Kwon’s front door on May 12. The event was streamed live on his YouTube channel, and about 100 people were there.
After ringing Kwon’s condo doorbell, his wife answered and stated that her husband wasn’t home. She called the police, but Chancers had already left the building by the time she arrived.
He was alerted the following day by police that he was being sought. On May 13, he surrendered to Seoul’s Seongdong Police Station.
Chancers stated that “I surrendered my self to the police station twice.” He also stressed: “I didn’t trespass upon Do Kwon’s property but Korean law makes it illegal to go there and attempt to talk to him.” “I didn’t know.”
Chancers stated to the news outlet that he expected to face a penalty and a criminal record that could lead him into serious trouble. He stated:
It is so difficult. It was very difficult. Now, the police are investigating me. In Korea, I was a civil servant. However, if I am convicted in this case, I might not be allowed to return to civil service.
He explained that the Korean culture does not consider the problem an important issue, but the fact it caused a scandal. I even had to publicly apologize for being a sinner. This was something I didn’t know would happen. It is very sad.”
The Police stated Wednesday that they had completed the investigation and had sent the case to prosecution, suggesting that he be indicted.
Do Kwon claims he is in Singapore since December 2013. He disbanded Terraform Labs Korea just days before LUNA’s and UST collapsed.
South Korean authorities launched an emergency investigation into implosion of two coins. The Korean police requested crypto exchanges to block the Luna Foundation Guard’s assets.