Technology

Cryptocurrencies: Wife of LUNA Creator Seeks Police Protection

While the founder of TerraUST, Do Kwonfighting against all odds to save the failed stablecoin, his wife sought police protection when the cryptocurrency was worth a penny on the dollar, according to reports.

South Korean media outlet MoneyToday reported that an unidentified person broke into the apartment building, rang the bell to inquire about Kwon and then left the premises when they told him that he was not there. Her wife reportedly told police that the location of her private residence became public after the LUNA project began to unravel.

Kwon’s wife is now under police security after she requested emergency protection, police in Seoul’s Seongdong-gu district told Forkast.

These developments come amid a crypto crisis and the surprising drop in the value of LUNA, a cryptocurrency that served to prop up and maintain parity with the US dollar. TerraUST.

Consequences of the LUNA project

Kwon, who developed a reputation for shrugging off criticism and attacking his opponents, is now compared to elizabeth holmes, who was found guilty of fraud for the Theranos deception. Some critics indicate this case may trigger major lawsuits and even criminal proceedings surrounding the collapse of LUNA.

TerraUST was designed to trade in a one-to-one protection against the dollar, but without some type of real guarantee that must support its value, as is the case with Tether.

Instead, it employed an algorithmic process of creating and then destroying its own supply of LUNA digital currencies, which served as a kind of buffer. When the project began to fail, he applied a protocol to stabilize it by minting more LUNA, which means, inflation. The rest is history.

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