Terra Founder’s Wife Requests For Emergency Protection

Moubani Pal
Moubani Pal May 13, 2022
Updated 2022/05/14 at 7:44 PM
terraform ceo
Terraform Labs

According to MoneyToday, the wife of Terra (Terraform) Labs founder Kwon Do-hyung has filed a police report after an unknown person broke into her apartment building and rang the doorbell in the evening.

The unexpected visitor asked if her spouse was at home before leaving.

Kwon’s wife scared by the event has now requested that a person be designated for emergency protection by the police.

terraform ceo
Terraform CEO

According to the article, the controversial entrepreneur’s residential address is known to unidentified bitcoin investors.

Suicide hotline numbers were pinned to the subreddit dedicated to one of the most notable cryptocurrency projects after Terra’s collapse. There are numerous posts in the group of people losing everything they own overnight. Suicide attempts linked to the Terra disaster are being recorded across Seoul, according to reports.

Terra’s native LUNA cryptocurrency has dropped to almost nothing, now trading at $0.00005. Just over a month ago, it was trading at $119.18.

Despite the fact that LUNA’s circulating supply has grown to 6.5 billion tokens, the UST stablecoin has been made nearly useless, with a price of $0.18. Any hopes that its peg would finally recover to the targeted $1 level have been shattered by the continuous fall.

TerraUST was created to trade at a one-to-one exchange rate with the US dollar, but without any sort of genuine collateral to support its value, like Tether does. Instead, it used an algorithm to create and then destroy its own supply of Luna coins, which served as a sort of shock absorber.

Furthermore, the Terra network has been interrupted for the second time in less than 24 hours. According to a notification, validators are working on a plan to reassemble it.

Meanwhile, Kwon, the CEO of the crypto, who is known for his abrasive and incendiary tweets, has been unusually quiet in recent days.


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