- A Reddit user claims to have filed a police report on behalf of 1,000 Singaporeans about Terra’s Kwon Do and LUNA projects.
- According to a police report, the citizen lost money through a “Luna cryptocurrency scam.”
- Earlier today, Kwon Do explained via Twitter that he did not sell LUNA or UST during the crisis.
- He also said it broke his heart that his invention had caused him so much pain.
A user on popular social media platform Reddit claimed that he had reported Terra’s Do-kyung Kwon to the police in Singapore. The WuBlockchain team highlighted the police report to the metropolitan area in the following tweet:
Reddit users claimed that they reported the capital to the police on behalf of UST and Luna investors. He said at least 1,000 Singaporeans have invested in Luna and UST. https://t.co/eIQ9AGul4T https://t.co/YzPf8iWHI7
— Wu Blockchain (@WuBlockchain) May 14, 2022
More than 1,000 Singaporeans have lost money through LUNA and UST.
According to a report by a Reddit user, he was a concerned citizen who lost money to a ‘Luna Cryptocurrency Scam’. He also accused the police of seeking justice on behalf of those who lost money.
He estimates that more than 1,000 Singaporeans have invested in LUNA and UST, the latter being sold as stablecoins. Screenshots of the police report can be found below.
Reddit community reacts to police report against Luna and Kwon Do
A police report posted on Reddit against Dokwon provoked a number of reactions on the platform. Here are sample responses from some community members.
Dealing with cryptocurrencies is risky. The police won’t take your money, and they won’t do anything to you. cueno
I belong to cryptocurrency, but yes, this is stupid. When the time is right, cults like crypto fanboys cunningly poop for fiat and brag about how good a decentralized, unregulated currency is. Now they are asking for help. lemao. – by skeguto
Money is gone. Now KO’d has no money to refund. The TerraLuna ecosystem has algorithmically rendered itself worthless due to fundamental flaws in the way the TerraLuna ecosystem works. All investors should have known this had they read the audits performed and realized that there were deficiencies mentioned here. – by Tatabusa
Earlier, Do-kwon expressed his upset about the sequence of events.
Founder of LUNA One day after the founder of LUNA posted on Twitter, “My heart hurts in pain,” news broke that there is a possibility of reporting the metropolitan area to the Singapore authorities. [his invention had] brought to everyone. Kwon also revealed that he did not sell his LUNA or UST during the depegging crisis and subsequent LUNA inflation.
But as Timothy Peterson of Cane Island Alternative Investors explained in the following tweet, his plea of guilt could be the origin of a potential lawsuit.
A lawyer’s wet dream of admitting responsibility. Start litigation! pic.twitter.com/VjQZFYAafQ
— Timothy Peterson (@nsquaredmacro) May 13, 2022