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A man in South Korea, who allegedly lost up to 3 billion won (S$3.27 million) as a result of the collapse of the Luna cryptocurrency, allegedly trespassed into the apartment building of the cryptocurrency’s founder, Do Kwon.

The crypto investor is accused of ringing the doorbell of the house of Kwon, co-founder and chief executive officer of Singapore-based Terraform Labs, Yonhap News Agency reported.

This was after the accused entered Kwon’s apartment building in eastern Seoul at around 6:20pm on Thursday, March 12.

Kwon's wife answered the door.

The suspect, whose identity was not made known, asked if her husband was home before running off.

Facing trespassing charge

“I have lost about 2 to 3 billion won,” the suspect told reporters after being taken to Seongdong Police Station.

He is currently facing a trespassing charge.

Kwon is reportedly in touch with the authorities as well.

The enraged investor reportedly runs an online broadcasting channel and wants Kwon to take responsibility by apologising to the more than 200,000 investors who lost money.

The disgruntled man even claimed Luna’s collapse led to several people killing themselves.

The alleged trespassing compelled Kwon’s wife to seek emergency police protection.

Background

Kwon has attracted scorn after the Luna cryptocurrency crashed spectacularly in an event that has been slammed by crypto users, investors, and stakeholders.

Luna price peaked at US$119 in April 2022 only to trade at near-zero levels today.

Such a crash is likely to attract the attention of the authorities, which will invite calls for greater regulation of digital assets supposedly created to circumvent traditional financial rules.

Kwon has since put forth proposals to keep the Luna project alive, but it has been written off as unsalvageable by the crypto community at large, who have said confidence in the project has been shaken to the extent it is no longer viable.

Prior to Luna's crash, Kwon adopted an antagonistic stance towards critics who questioned the viability and soundness of his project.

On Twitter, he infamously denounced a critic as poor and said he did not argue with those who were not well-off.

His unsavoury online persona led some to believe that Luna was deliberately destabilised and made to crash via a bank run initiated by Kwon's detractors in a coordinated attack, but this theory has not been proven at this point.

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