Do Kwon is going through the worst month of his life. The abrupt demise of two popular digital coins in early May stunned investors, wiping $400 billion (£318 billion) off the value of numerous other cryptocurrencies, including the most valuable, Bitcoin. People who have lost their life savings are now begging for aid all across the world. After visiting the residence of Do Kwon at the center of the “crypto crash,” one desperate man was detained. His life was in shambles, he told BBC News.
Fortunes can be won and lost quickly in the fickle world of cryptocurrencies, but one guy in South Korea has been hit particularly hard by the May 2022 crypto crash.
Do Kwon’s home visitor speaks up
“I felt like I was going to die.” “I lost a lot of money in a short period of time. Around $2.4m (£1.9m) of my cryptocurrency was wiped out.”Chancers the cryptocurrency streamer
Chancers has been investing in cryptocurrencies since 2017 and claims to have amassed a fortune in the last five years as the value of Bitcoin and other digital coins has increased.
“Here in Korea I was in the top 1% in terms of my finances. But thanks to the crash, I’m now in trouble.”Chancers told BBC News
At the worst possible time, Chancers put $800,000 into Terra Luna. Terra Luna gained notoriety in December 2021, when the value of each coin began to rise, from $5 to $116 in April of the current year.
Chancers, like many others, placed a large wager on the coin’s continued rise. However, on May 9, it abruptly plummeted, shedding 99 percent of its value in just 48 hours. Each Terra Luna coin now has a value of less than $0.0002, or two-hundredths of a penny.
Thousands of people flocked to the 30-year-old on social media for answers and a strategy to get the situation under control.
Chancers, in his despair, determined to go one step beyond. He searched online for Do Kwon’s home address in Seoul, enraged by the crypto millionaire’s lack of communication.
“I wanted to ask him about his plans for Luna. I suffered a huge loss and wanted to talk to him directly.”Chancers
When Do Kwon’s wife opened the door and stated her husband was out, he was dismayed. Worse was to come, as he was arrested after the police were notified.
Do Kwon is putting forth every effort to resurrect Terra LUNA. The founder has proposed that LUNA be Hard Forked without any ties to UST or other algorithmic elements.