Following the aftermath of the Terra blockchain tokens LUNA and UST losing significant value, reports indicate that the Terraform Labs founder Do Kwon’s apartment was visited by an unidentified person. Do Kwon’s spouse has requested protection from the Seongdong police in Seoul after the unknown person broke into the apartment building and rang the doorbell asking for Kwon.
Not too long ago, on May 1, 2022, the Terra blockchain token LUNA was the eighth-largest market cap among 13,000+ cryptocurrencies in existence. LUNA’s market cap on that day was $28.3 billion and terrausd (UST) was two spots below LUNA with an $18.5 billion market valuation. Both crypto market caps combined on May 1, 2022, were around $46.8 billion in value and today, around 91% of that value has disappeared.
At the time of writing, UST’s and LUNA’s market cap combined equates to $3.9 billion in value. Terra’s fallout has caused a lot of pain among UST and LUNA investors and many have been very upset about how the situation was handled. Some investors lost their life savings and children’s college funds, and others managed to escape with a haircut in terms of losses. Social media and forums are filled with horrifying stories of people who are severely depressed over the Terra situation and losing funds.
Now, after a few days since the initial UST de-pegging incident, reports note that an unidentified person visited Do Kwon’s apartment building and rang the doorbell asking for the Terra founder. One local report explains that Do Kwon’s spouse was home and she asked the Seongdong police to designate an officer for emergency protection. The crypto publication Forkast also spoke with Seoul’s Seongdong-gu district police and confirmed the story.
The police report notes that the unidentified person rang the doorbell and Kwon’s spouse answered. “Is your husband in the apartment?” the unknown person said. The report said that while the Terra blockchain tokens were down in value, Do Kwon’s home was “exposed to unspecified investors.” Seongdong police also noted that they were investigating the situation further and “plan to review additional measures.”
What do you think about the unidentified person going to Do Kwon’s home and his spouse asking for police protection after the Terra blockchain implosion incident? Let us know what you think about this subject in the comments section below.