Intruder who broke into Terra CEO’s house had lost $2 million in crypto investments


An alleged trespasser into the home of Terraform Labs co-founder and CEO Do Kwon was questioned by police in Seoul, Korea on Monday, May 16.

The suspect, whose identity has been suppressed, is claimed to have broken into the apartment complex situated in the eastern part of Seoul a week ago, and then continued to ring Kwon’s doorbell while his wife was inside the property, according to a report by Korean source Yonhap.

According to the authorities, following Kwon’s visit, his wife urged the police to secure them both from future violence. According to Kwon, Terraform Labs is working on ways to keep its Terra blockchain and ecosystem running despite the demise of its token.

“I have lost roughly 2 to 3 billion won (US$2.3 million),” the suspect revealed to reporters after undergoing an inquiry at Seongdong Police Station. It is Kwon who is responsible for TerraUSD (UST) and its Terra (LUNA) token counterpart’s dramatic drop.

A month after reaching a new all-time high of $119 US dollars, the price of LUNA is presently trading at virtually zero $0.00012, down 45 percent on the day despite a recent pump while the price of TerraUSD is trading at a level between around $0.09 cents.

The suspect, who owns an online broadcasting station, says that people have taken their own lives as a consequence of the stablecoin’s decline. Furthermore, the investor requested that Kwon apologises to more than 200,000 investors who had lost their money.

Finbold stated earlier this month that LUNA had swapped almost all of its Bitcoin. Indeed, following a misunderstanding surrounding where the stolen 80,000 BTC savings went The Luna Foundation Guard, the group responsible for the Terra ecosystem managed by Kwon disclosed details on its missing reserve assets. After selling off 80,082 Bitcoin for UST on May 8 and 10, the Luna Foundation only had 313 Bitcoin left.

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