Read full article at CryptoPotato.

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.”
  • 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.”

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Categories:

Tags:

Comments are closed

Translate

Our Other Projects

EdgyBranding.com - Premium Domain Names.

Notezi.com - Social Network

ParisArtwork.org - Mid-century Paris NFTs, tokenized on the WAX blockchain.

NewYorkArtwork.org - Mid-century New York NFTs, tokenized on the Ethereum blockchain and offered on Rarible.

ClassicAutomobile.org - Classic Automobile News.

RSS
Facebook
Facebook
LinkedIn
LinkedIn