Man who flew across Korea to speak with Do Kwon after Terra Crash arrested for trespassing, claimed to have lost $2.4 Million
By: Michael Wilson
May 25, 2022 12:21 PM
A crypto investor who lost roughly$2.4 million following terra( LUNA) and stablecoin terrausd( UST) collapse has been arrested after knocking on Do Kwon’s. The investor who's now under investigation by the South Korean police, lamented after loosing his investment said “ I felt like I was going to die. ”
Investor Faces the Law for Going to Do Kwon’s Home
The collapse of cryptocurrency terra( LUNA) and stablecoin terrausd( UST) has wiped out a large number of investors. One man in particular went in hunt of direct answers from Kwon Do- hyung( aka Do Kwon), CEO of Terraform Labs who's behind the two failed cryptocurrencies.
The LUNA investor, known as “ Chancers, ” is a Korean social media personality who conducts streams on cryptocurrency- related contents. He lost around 3 billion won($2.4 million) in the LUNA and UST collapse.
Speaking to BBC News, the investor said" I felt like I was going to die. I lost a lot of money in a short period of time. Around $2.4 m of my cryptocurrency was wiped out."
The investor who claimed to be truly angry due to the lack of message from Do Kwon after both LUNA and UST paced into freefall. he went 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 town and knocked on Kwon’s door on May 12. He streamed the event on his online channel; around 100 people were following at the time.
Still, after ringing the doorbell of Kwon’s condominium, his wife responded the door and said her husband wasn't home. She also called the police but Chancers already left the building when they showed up.
The investor found out the coming day that the police were looking for him. He also surrendered himself at Seoul’s Seongdong Police Station on the morning of May 13.
“ I surrendered myself to the police station twice, ” Chancers stressed, affirming “ I didn’t trespass on Do Kwon’s property, but agreeing to Korean law, it’s unlawful to just go there and try to talk. I didn’t know. ”
According to the investor who goes by the name' Chancers' said he expects to face a fine and a criminal report that could make things go from bad to worse for him. He stressed
I've lost a lot of money and now being probed by the police makes it so hard indeed. I primarily served as a civil servant in Korea. But if I'm imprisoned from this case, I may not be suitable to serve in the civil service again.
“ In Korean culture, the problem itself isn't important but rather the fact that it caused a disgrace, ” he explained. “ I indeed had to apologize openly as a sinner. I had no idea this would be so big. It’s actually sad. ”
On Wednesday, the Police said they've wrapped up the investigation and sent the case to the prosecution implying he be charged.
Meanwhile, South Korean regulators have pushed for an emergency investigation into the implosion of both LUNA and UST. According to a recent report by Coinnewsafrica, the Korean police asked local crypto exchanges to freeze the assets of the Luna Foundation Guard( LFG).
However, Do Kwon claims that he has been out of Korea and have been in Singapore since December last time. Although, he dissolved Terraform Labs Korea and shut down the company’s Korean branches just days before collapse of both coins.