LUNA Investor Arrested For Knocking On Terra Founder Do Kwon's Door After Losing Millions: Report

“I felt like I was going to die,” the investor reportedly said as he lost $2.4 million in the recent crypto crash.

Terra lost nearly all its value in the recent crash.

Source : Getty

New Delhi: Terra (LUNA) investors have lost millions due to the cryptocurrency’s sudden crash earlier this month. It all began with the de-pegging of TerraUSD (UST) stablecoin, which in turn led to LUNA losing nearly all its value. This led to a domino effect, wiping out around $400 billion from several other cryptocurrencies, including major players such as Bitcoin and Ethereum. Due to the unprecedented crash, investors all around the world reportedly lost their life savings, and recently, one LUNA investor was arrested while trying to get in touch with Terra founder Do Kwon at his Seoul home.

LUNA investor arrested: What happened when he knocked on Kwon’s door?

The investor in question is a South Korean social media personality popularly known as ‘Chancers.’ Following the crash, many investors reached out to Do Kwon on social media platforms. As per a report by BBC, Chancers looked up the crypto millionaire’s home address online in order to garner a quicker solution. "I wanted to ask him about his plans for Luna. I suffered a huge loss and wanted to talk to him directly," Chancers told BBC.

Chancers reportedly lost around $2.4 million in the crash. “I felt like I was going to die. I lost a lot of money in a short period of time,” he said.

On May 12, Chancers knocked on the door of Kwon’s condo in Seoul, live-streaming the event on his channel. Nearly 100 viewers were watching the stream live. Chancers was met with Kwon’s wife, who said that her husband wasn’t home at the time. Chancers said he left the building after that.

LUNA investor arrested: When did Chancers surrender to the police?

The following day, when Chancers got to know that the police were looking for him, he went ahead and surrendered himself at Seoul’s Seongdong Police Station.

“I didn’t trespass on Do Kwon’s property, but according to Korean law, it’s illegal to just go there and try to talk. I didn’t know,” Chancers said. “It’s so hard. I lost a lot of money and now I’m being investigated by the police. I originally served as a civil servant in Korea. But if I am convicted of this case, I may not be able to return to the civil service again.”

The police reportedly said they have wrapped up the investigation and the case has been sent to the prosecution, suggesting Chancers should be indicted.

LUNA crash: What is Do Kwon's plan for reviving Terra?

Interestingly, Do Kwon reportedly dissolved Terraform Labs Korea and shut down the company’s Korean offices just a few days before LUNA and UST crashed. He claims to be living in Singapore since December 2021.

Last week, Kwon revealed LUNA 2.0, a revival plan that proposes several changes, from a new blockchain to a total token reset.

ALSO ON ABP LIVE: LUNA 2.0: What Is It? Will It Help Revive Terra?

As per Kwon, the current Terra blockchain will be “forked” into a new one. However, it will lack the UST stablecoin mechanism as before. The older network will now be called Terra Classic (LUNC). The new blockchain, to avoid confusion among future investors, will be called Terra (LUNA).

Edul Patel, the CEO and Co-Founder of global crypto exchange Mudrex, LUNA’s revival plan will make “Terra more like a DAO.” For those unaware, a decentralised autonomous organisation (DAO) is a community-driven-and-controlled outfit that is not influenced by a central government.

Patel told ABP Live, “Even though the plans are well in place, gaining support from LUNA holders, this might take some time to come out materialistically.” For now, Patel advises to “wait and see” how the implementation goes through.