Crypto investor probed over allegedly visiting house of Terraform's CEO

All News 15:32 May 16, 2022

By Kim Han-joo

SEOUL, May 16 (Yonhap) -- A crypto investor accused of ringing the doorbell of the house of Do Kwon, co-founder and CEO of Terraform Labs, underwent a police investigation in Seoul on Monday.

The suspect, whose identity has been withheld, allegedly entered the apartment complex in eastern Seoul and then rang the doorbell to look for Kwon, while his wife was at home.

Kwon is at the center of a massive collapse of the Terra cryptocurrency and its digital coin counterpart, Luna. A month after reaching a record-high of US$119, the price of Luna now trades at near zero, while that of Terra trades at around 20 cents.

"I have lost about 2 to 3 billion won (US$2.3 million)," he told reporters after undergoing an investigation at Seongdong Police Station, urging Kwon to take responsibility for the recent meltdown.

The investor further urged Kwon to apologize to over 200,000 investors who have lost savings.

Following his visit, Kwon's spouse requested protection from the police, officers said.

Kwon earlier said in his blog post that Terraform Labs is working on ways to keep its Terra blockchain and ecosystem going despite the collapse of its cryptocurrency.