Seongdong Police in Seoul is reportedly investigating a case of a break-in at Terraform Labs’ Do Kwon’s apartment. This comes amid the massive drama that occurred in the past week within the Terra ecosystem.
- Based on a complaint filed, an identified person rang the doorbell at around 6:23 PM. After Kwon’s wife answered the door, the person allegedly asked for the founder before fleeing the scene.
- No further details have been divulged so far by the authorities. Whether the unidentified person was a LUNA investor has not been confirmed yet. A police official was quoted saying,
“We plan to review what additional measures are needed through the investigation.”
- Kwon has drawn significant scrutiny and criticism after the collapse of Terra ecosystem’s flagship stablecoin UST and native token LUNA triggering a massive meltdown in the broader crypto market this week.
- Known for his confident pitch, Kwon managed to attract high-profile investors. However, he has faced intense backlash for his online behavior of dismissing critics as ‘poor.’
- Terra validators halted the blockchain for the second time as the dev team explored avenues to “come up with a plan to reconstitute it.”
- With Terra being at the center of devastating market turmoil, a press release made rounds saying that Swiss asset manager – GAM Holding AG – had announced engaging in talks with Terraform Labs to provide assistance to the embattled network. However, the legacy company’s head of communications and investor relations Charles Naylor categorically denied offering any such help and said that the press release was fake.