Reddit user that formerly identified as a LUNA/UST investor recently claimed that he had filed a police complaint against Do Kwon, the founder of Terraform Labs and Terra Chain.
The social media user also claimed that the police complaint was filed on behalf of 1000 LUNA/UST investors hailing from Singapore. The legal complaint not only implicates Do Kwon responsible for the recent debacle but also adds the LUNA project under contempt for the event.
It is worth noting that last week, the UST stablecoin lost its peg to the USD and crashed 99% in price. Due to the correlation of the LUNA token with UST, massive price depreciation also took place in the LUNA token.
The news was shared by WuBlockchain shared the details of the FIR that postulates that the investors lost a considerable amount of their income on account of the UST crash.
Investors of Terraform are not Happy with the Project
Just like the stock market, the cryptocurrency market is not free from the dangers of financial repercussions. There are many cases like the TITAN token where seasoned investors like Mark Cuban lost a considerable amount of their money.
However, it seems that the LUNA investors are not taking the losses very sportingly. Wu Blockchain reported that Do Kwon’s wife recently called for police protection to ensure the safety and security of her family.
The media reports suggest that one angry investor trespassed into the personal property of the Do Kwon family home. It is known that several angry investors are protesting in front of law enforcement agencies to arrest Do Kwon, who frequently travels between Korea and Singapore.
The Reddit user who filed a police complaint against Kwon called Terra Chain a cryptocurrency scam project and added that he plans to seek legal clarity on the matter.
LUNA/UST investors claim that they invested a considerable sum into the project, and it was turned into a stablecoin token later on. The report also claims that Do Kwon is still leading a comfortable life with billions of dollars to his name.
There are angry mobs of LUNA investors who claim that Kwon should rattle his assets and belonging to fulfill some of the losses that LUNA/UST investors incurred.
Meanwhile, some other investors commented a different opinion on the Reddit police complaint claiming that involving police in a crypto investment project is not viable. The commentators also claim that police cannot take any action against Do Kwon or play any role in returning the money of the investors.
Another investor claimed that inexperienced traders flock around speculating projects quickly and treat it like a gambling option and end up investing greater than their risk quotients.