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Posted by Sophie-Ha 8 days ago

The wife of Terra/Luna co-founder Do Kwon reportedly seeks police protection after the crash of his "stablecoins"

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Korean media outlets reported on May 13, that Terra/Luna co-founder Kwon Do Hyung's wife requested emergency police protection after an unidentified individual broke into their Seoul apartment building and rang the doorbell to their home.

According to reports, the unidentified individual asked Kwon Do Hyung's wife if Mr. Kwon was home before leaving the building. It was reported that the unidentified individual took advantage of residents entering and exiting the building and entered through a common entrance door of the apartment where Kwon Do Hyung and his wife reside. 

Mr. Kwon's wife felt anxious and requested emergency protection from the police. This incident followed the wipeout of "stablecoins" Terra and Luna, run by Kwon Do Hyung. 

Luna Coin previously soared close to a high 200,000 KRW (~156.30 USD) in April 2022, but the value was wiped out, leaving the coin to be more worthless than a piece of tissue paper. It is currently trading for far less than a penny. Additionally, TerraUSD, a sister coin, also plummeted from being a "stablecoin" pegged to 1 USD to now be worth around 15 cents. Thousands of investors have had their savings/investments wiped.

Much like the criminal fraudster of Theranos, Kwon Do Hyun is now being called the "Elizabeth Holmes" of the cryptocurrency market as he is being blamed for the crypto market crash. In an interview from earlier in May 2022, Do Kwon ironically stated that he found it entertaining to watch "coins die."

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Dr_Little
Dr_Little3,152 pts 8 days ago 0
8 days ago

I know this is not typical kpop topic but there is Korean angle.

Actually the Terra meltdown wiped out total of $50bn and residual effect is still unknown.

That is worse than Theranos. On top of it he was really cocky and not open to criticism. In November 2021 an analyst outlined weakness of the Terra system openly on Twitter, and described step by step how it can collapse. Do Kwon called this thread on Twitter the stupidest thread he read in a decade. What happened in last two days is exactly step by step what the said analyst described.

After two days of silence he announced today he proposes starting a new. He should not be allowed to do that he should be held accountable. There ar multiple cases of suicide due to this blunder. It is much worse than Theranos or anything I have seen as those who suffered collapse are ordinary people not some funds or banks.

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mjfan4life18
mjfan4life181,177 pts 8 days ago 4
8 days ago

I feel like people that get into cryptocurrency enter at your own risk. You choosing to invest in all this bitcoin, dogecoin and NFT shit(still don't understand NFT at all) is business decisions YOU made nobody forced you to invest and put your life savings in. Don't get me wrong tho my heart goes out to the ppl that invest into something they think is a good investment and it keeps soaring and soaring until it plummets and their left with nothing. Especially the older folk that enter into investments and they turn out to be scams.🥺

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