Seongdong Police in Seoul is reportedly investigating a case of a break-in at Terraform Labs’ Do Kwon’s apartment. This comes amid the massive drama that occurred in the past week within the Terra ecosystem.
- Based on a complaint filed, an identified person rang the doorbell at around 6:23 PM. After Kwon’s wife answered the door, the person allegedly asked for the founder before fleeing the scene.
- No further details have been divulged so far by the authorities. Whether the unidentified person was a LUNA investor has not been confirmed yet. A police official was quoted saying,
“We plan to review what additional measures are needed through the investigation.”
- Kwon has drawn significant scrutiny and criticism after the collapse of Terra ecosystem’s flagship stablecoin UST and native token LUNA triggering a massive meltdown in the broader crypto market this week.
- Known for his confident pitch, Kwon managed to attract high-profile investors. However, he has faced intense backlash for his online behavior of dismissing critics as ‘poor.’
Here’s a thread of founder of $LUNA, Do Kwon, calling people poor.
His coin is down 99.99% since last month’s high.https://t.co/0lA4JMczvQ pic.twitter.com/o6cnI1auYL
— unusual_whales (@unusual_whales) May 12, 2022
- Terra validators halted the blockchain for the second time as the dev team explored avenues to “come up with a plan to reconstitute it.”
- In a bit to provide assistance to the embattled network, Swiss asset manager – GAM Holding AG – has announced starting negotiations with Terraform Labs. As reported earlier, the legacy financial institution intends to help support the stablecoin and invest around $2 billion – 3 billion to “absorb excess supply of UST during its current selloff.”