Furious Terra Luna Investor Who Lost Millions Arrested At Do Kwon’s House

0

Last Updated on 25 May 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts

A crypto influencer with a large following on social media had invested heavily in Terra Luna. Officially losing $800,000 when the coin collapsed two weeks ago, he travelled to the house of Do Kwon, the coin’s founder, looking for answers. He is currently in police custody.

Advertentie.

Crypto crazy Asians

South Korea and Japan went crypto cray back in 2017 already. The investment madness got up to such a boiling point that the then South Korean Prime Minister warned young Koreans about investing in volatile crypto coins. Some of them lost a lot when Bitcoin crashed in what has become known as the ‘widowmaker’ crash of 2018. Ever since then of course, Bitcoin has regained it’s position at $20,000 (it’s highest point back then) and went over it a couple of times. Right now, the world’s biggest cryptocoin is trading around $30,000, having traded well over $60,000 in 2021.

However, there are also other popular coins which Korean youngsters are invested in. One of those was Terra Luna. A well known crypto streamer who goes by the handle Chancer lost $800k because the coin collapsed. He himself claimed it was closer to $1,5 million, and that he lost $2.4 million on all coins that crashed during the last few weeks.

Speaking to BBC News, he explained:

I felt like I was going to die. I lost a lot of money in a short period of time. Around $2.4m of my cryptocurrency was wiped out.

Here in Korea I was in the top 1% in terms of my finances. But thanks to the crash, I’m now in trouble.

Very angry with the lack of communication from Terra’s founder, Mr Do Kwon, the streamer traveled to the crypto millionaire’s home address in Seoul.

I wanted to ask him about his plans for Luna. I suffered a huge loss and wanted to talk to him directly.

Do Kwon’s wife answered the door, the police were alerted and he was arrested.

Seoul police has now officially started investigating the Luna crash as so many young South Koreans seem to have lost money.