TerraForm Labs Chief Executive Officer, residing in Singapore, in a post on Reddit Do Kwon A police report has been filed against him. According to the published post, the police report was initiated on behalf of thousands of investors who lost their money due to the Terra ecosystem, LUNA and UST.
JUST IN: Reddit users claim a police report has been filed in Singapore against Do Kwon on behalf of $LUNA and $UST investors. pic.twitter.com/FQwcs5TZkk
— Watcher.Guru (@WatcherGuru) May 14, 2022
The police report stated that there are more than 1,000 citizens in the country who both invested in digital assets and were disappointed with the outcome of their investments.
The report also detailed the need to enforce strict rules to prevent individuals from providing financial advice to Singaporean citizens.
According to the police report, Do Kwon terra Despite the huge losses suffered by others investing in tokens belonging to its ecosystem, it still has billions of dollars in value, so it may have to refund investors who lost their money.
Do Kwon Requests Police Protection
After allegations of assault on the home where Do Kwon and his wife lived, the family sought protection from the police.
Police confirmed the incident and announced that they have launched an investigation into the matter.
The attack on Kwon’s residence took place as the crypto industry continues to analyze the historic and nearly unprecedented decline of the Terra network’s LUNA and UST tokens, both of which were created by Kwon.
Kwon broke the radio silence yesterday by publishing a blog post urging the community not to abandon the Terra ecosystem.
The CEO has made a new proposal where 1 billion tokens will be issued and shared between LUNA and UST holders. This has contributed to the rise Terra has witnessed in the last 24 hours.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.