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.’
Here’s a thread of founder of $LUNA, Do Kwon, calling people poor.
— unusual_whales (@unusual_whales) May 12, 2022
Terra validators halted the blockchain for the second time as the dev team explored avenues to “come up with a plan to reconstitute it.”
In a bit to provide assistance to the embattled network, Swiss asset manager – GAM Holding AG – has announced starting negotiations with Terraform Labs. As reported earlier, the legacy financial institution intends to help support the stablecoin and invest around $2 billion – 3 billion to “absorb excess supply of UST during its current selloff.”