HomeEthereumDo Kwon fears for his security following Terra (LUNA) implosion

Do Kwon fears for his security following Terra (LUNA) implosion


Korean information outlet Cash Right this moment has reported that TerraForm Labs CEO Do Kwon has requested police safety.

The attraction got here following a break-in at his condominium within the Seongsu-dong district of Seoul. Native police confirmed they acquired a report of an unknown individual trying to realize entry to the property in query.

Might 7 noticed Terra’s UST stablecoin de-peg in what some suspect was a coordinated assault. The worth of UST has been in freefall ever since, sinking as little as $0.05 on Might 13.

The knock-on results have referred to as into query the security of algorithmic stablecoins. However most of all, contemplating LUNA’s 99.9% loss in worth, buyers are offended.

Dealer @ashwsbreal summed up the sentiment by saying this fiasco is worse than any NFT rip-off or hack. He signed off by expressing sympathy for individuals who misplaced the whole lot.

@ashwsbreal later tweeted that he misplaced $150,000.

Additional particulars of the break-in

Through the night of Might 12, an unidentified particular person arrived on the entrance entrance to Do Kwon’s condominium constructing. This particular person caught the elevator to the suitable flooring, knocking on the sufferer’s door at round 18:00.

The assailant spoke to Do Kwon’s spouse, asking if her husband was residence earlier than fleeing the scene. At this level, a name was made to the police for ’emergency private safety.’

Police say they’ve opened an investigation in hopes of monitoring down the unidentified particular person. Right now, it’s unknown how Do Kwon’s tackle was uncovered.

The restoration plan for Terra (LUNA) is in tatters

Terra LUNA’s collapse occurred in phases of decline. The broader crypto market was already bearish over the weekend, however when information of UST de-pegging broke, the LUNA worth started freefalling.

Monday, Might 9, LUNA crashed under $49 assist, closing the day at $30.20. What adopted was additional promoting, even regardless of Do Kwon tweeting his plan of motion for restoration, and combating phrases from UST, which sought to guarantee buyers that they ‘will not be going anyplace.’

Do Kwon’s plan concerned re-pegging UST by absorbing the availability by rising the basepool and minting capability. Longer-term, he additionally talked about adjusting UST’s pegging mechanism from algorithmic to collateralized belongings.

Nevertheless, based mostly on the UST’s incapacity to regain its peg and LUNA’s drop under 1c, it seems the market has misplaced all confidence within the challenge.



RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments