Seongdong police in Seoul are reportedly investigating a break-in at Terraform Labs Do Kwon’s apartment. This comes amid the massive drama that unfolded over the past week within the Terra ecosystem.
- Based on a complaint filed, an identified person rang the doorbell around 6:23 p.m. After Kwon’s wife opened the door, the person reportedly asked for the founder before fleeing the scene.
- No other details have yet been released by authorities. Whether the unidentified person was a LUNA investor has yet to be confirmed. A police officer was quoted saying,
“We plan to review what further steps are necessary as part of the investigation.”
- Kwon has come under considerable scrutiny and criticism after ecosystem flagship stablecoin Terra UST and native token LUNA collapsed, triggering a massive meltdown in the broader crypto market this week.
- Known for his confident speech, Kwon has been successful in attracting high profile investors. However, he faced intense backlash for his online behavior from dismiss critics as “poor”.
Here is a thread from founder of $LUNADo Kwon, calling poor people.
Its 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 stopped the blockchain for the second time as the development team explored avenues to “come up with a plan to put it back together”.
- With Terra at the center of devastating market turmoil, a press release made the rounds announcing that the Swiss asset manager – GAM Holding AG – had announced that it was entering into talks with Terraform Labs to provide assistance to the troubled network. However, the inherited company’s head of communications and investor relations, Charles Naylor, flatly denied offering such help and said the press release was false.
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