Do Kwon, the founder of the Luna cryptocurrency and the TerraUSD stablecoin, has been in contact with the police following a potential investor showed up at his home, according to South Korea’s largest newspaper, Chosun Ilbo. Crypto News reports that the investor had lost approx. $1.56 million for Luna’s collapse, a claim Gizmodo was unable to independently verify.
An unidentified man rang the doorbell of Kwon’s apartment at around 18:23 local time on Thursday, according to Chosun, and Kwon’s wife answered the door. The man asked something like, “Is her husband home?” and then proceeded to run away.
Luna was worth more than $54 on Monday morning, when it was the fourth most popular cryptocurrency in the world, but fell below $0.01 on Thursday. The coin was withdrawn from major exchanges like Binance and its blockchain operation was halted, rendering Luna worthless as of Friday.
The unnamed man who arrived at Kwon’s home is facing a trespassing charge because he allegedly entered the apartment complex by slipping through a gap in the common door of the apartment building, according to Chosun. Security camera footage of the incident and the surrounding area is being reviewed.
South Korean police were unable to confirm that the suspect was a Luna investor, but Crypto News reports that the man confirmed this during live broadcasts on the social media platform. afreecaTV. Gizmodo was unable to confirm that the man in the live stream is the same man, and it may not be him, despite his own claims that he was turning himself in to police.
Whoever this man is, he is not the only person upset with Do Kwon and the entire Luna community. When TerraUSD, a stablecoin designed to maintain a value of $1 through a complicated algorithm and the impression of counterfeit digital money, was “decoupled” from the dollar over the past weekend, those to collapse the value of Luna on Tuesday and Wednesday. That domino did knock down many other crypto currencies, causing that its value plummeted throughout the week, possibly the worst bloodbath in the history of cryptocurrencies. Millions of dollars simply evaporated in a matter of days.
The strange thing is that there is still enthusiasts of Luna who are convinced that the crypto currency can to return, which may be evidence of the “denial” stage of pain. But to ask if Luna will ever be able to recover from $0,00 sounds like the 1866 folks ask whether the money issued by the Confederation will be recovered. Will not return. yesIf you invested a lot of money in Luna, that money will be gone forever.
Beyond de Luna, much of the cryptocurrency market has had an unexpected overnight rally, with Bitcoin going up 8.3%, E.ther 8.1% and XRP (Ripple) 18.4% in the last 24 hours. Does that mean it’s safe to put all your crypto money? Definitely not. But if you still have your money on some of the big names like Bitcoin, you can sentirte a little less dizzy today.
Kwon did not immediately respond to a request for comment on Friday.. We will update this post if we receive a response.
