Suspect invades Terra founder Do-Kwon’s home amid LUNA-UST debacle

Saif Naqvi
Source: Pixabay

Amid the recent LUNA-UST drama, an intruder had visited Do Kwon’s house, a local news agency reported on Friday.

Source: Twitter

Local police reports showed that an unknown person visited the Terra founder’s house in Seongsu-dong, rang the doorbell, and fled after asking Do-Kwon’s spouse about her husband’s whereabouts. Following the incident, Do-Kwon’s spouse has designated safety protection upon reporting the incident to the police.

While the motives behind the unidentified suspect’s visit were not clear, it was rumored to have been linked to the recent Terra blowout that forced millions to go take heavy losses on their investments. The local news outlet which broke the incident claimed that the location of Do-Kwon’s house was exposed to investors following a sluggish period for the Terra ecosystem.

Do-Kwon, the brainchild behind the Terra blockchain, has drawn scrutiny and criticism after the collapse of his venture triggered a massive meltdown in the broader crypto market this week.

The dramatic crash of the Terra ecosystem, which had earlier ranked among the most valuable crypto projects, reportedly wreaked havoc on the lives of investors. Some even feared they will become homeless after the crypto mayhem, according to posts on Reddit.

Terra’s native tokens LUNA and UST were being dumped heavily by investors after the latter lost its 1:1 peg against the U.S. dollar on 9 May. While Do Kwon’s efforts to save the falling valuations were received positively by some investors, the same was yet to make a full-blown impact.

On Friday morning, the broader crypto market recouped losses made yesterday as Bitcoin touched $30K. Even though most top projects traded in the green, LUNA was still being heavily shorted, trading at $0.00005019, down by 99% in the past 24 hours.