Do Kwon , the founding father of the cryptocurrency Luna and the stablecoin TerraUSD , has reportedly been in contact with police after a possible investor in the coin “ intrude ” at his dwelling , according to a newfangled report from South Korea ’s largest newspaper publisher , The Chosun Ilbo . Crypto News reports the investor lost roughly$1.56 millionin the collapse of Luna , a claim Gizmodo could not severally verify .
An unnamed gentleman ring the doorbell to Kwon ’s apartment around 6:23 p.m. local time Thursday night , according to Chosun , and Kwon ’s married woman suffice the threshold . The man reportedly ask something like , “ Is your husband home ? ” and then go to run off .
Luna was deserving over $ 54 as recently as Monday morning , when it was the 4th most popular crypto coin in the world , but plunged below $ 0.01 on Thursday . The coin has been pulled from major exchanges like Binance and the functioning of its blockchain has been halted , making Luna effectively unworthy as of Friday .
Luna founder Do Kwon, also known as Kwon Do-hyeong, from an AMA video on YouTube on 3 April 2025.Screenshot: YouTube / Terra (Fair Use)
The unnamed world who arrived at Kwon ’s home confront a charge of trespassing because he allegedly entered the flat complex by slipping through a gap in the apartment building ’s common doorway , according to Chosun . CCTV footage from the incident and surrounding area is reportedly being review .
constabulary in South Korea could not affirm the suspect was a Luna investor , according to Chosun , but Crypto News reports the man read as much during livestreams on the social media platformafreecaTV . Again , Gizmodo could not confirm the man in the livestream is the same man , and it ’s entirely possible that he ’s not the one , despite his own title he was give-up the ghost to turn himself into police force .
Whoever this homo is , he ’s not the only one upset with Do Kwon and the entire Luna residential area properly now . When TerraUSD , a stablecoin mean to maintain a economic value of $ 1 through a tricky algorithmic rule and fake digital money printing , became “ unpegged ” to the dollar mark over the retiring weekend , it send Luna into a last spiral on Tuesday andWednesday . That domino then knock over mint of other crypto coin , causing them to plunge in value over the preceding week — arguably the worst bloodbath in crypto account . Millions of buck just evaporated within day .
Strangely , there are still vocal Luna enthusiasts who are convinced the crypto coin canmake a comeback , which is perhaps grounds of the “ denial ” microscope stage of heartbreak . But take whether Luna can ever recover from $ 0.00 sounds like people from 1866 asking whether money bring out by the Confederacy will make a repercussion . It ’s not coming back . And if you dumped a gang of money into Luna , that money is gone for skilful .
Outside of Luna , much of the cryptocurrency market has made a surprise recoil overnight , with bitcoin currently up 8.3 % , ether up 8.1 % , and XRP ( Ripple ) up 18.4 % in the past 24 hours . Does that mean it ’s safe to put all your money back into crypto ? decidedly not . But if you ’re still holding your coin in some of the fully grown names like bitcoin you ’ve got to be feel a piffling less queasy today .
Kwon did not forthwith respond to a postulation for gossip early Friday . We ’ll update this postal service if we pick up back .
Update , May 16 , 7:15 a.m. ET : An unnamed man was oppugn by police on Monday at the Seongdong Police Station in Seoul , according toYonhap News . The news way out quote the piece as saying he lost somewhere between 2 and 3 billion won , or between $ 1.5 million and $ 2.3 million U.S. at the current exchange charge per unit .
BitcoinCryptocurrenciesLunaStablecoinUberisation
Daily Newsletter
Get the dear tech , scientific discipline , and culture news program in your inbox daily .
News from the hereafter , delivered to your present .
You May Also Like
