According to Yonhap News Agency, a man previously charged with illegally entering the home of the co-founder and CEO of TerraForm Labs is currently under police investigation in Seoul.
According to information provided by the police, the suspect entered the apartment complex where Do Kwon’s family lived and rang the doorbell. The trespasser went looking for Kwon, but only found his wife, who later called the police and asked for protection.
After law enforcement found and detained the trespasser, the man told reporters that he won 2 to 3 billion, the equivalent of at least $2 million. His primary intention was to urge Kwon to take responsibility for the downturn of his stablecoin and the project behind it and the pain it has been causing on the cryptocurrency market.
The creation of Doo Kwon and the CEO himself appeared to be at the center of the crypto market downturn caused by the delisting of the USD stablecoin asset from the US Dollar.
TeraUSD is a US dollar-compliant currency and serves as a crypto alternative to the widely used currency. Traders and investors use stablecoins as a bridge between fiat currency and digital assets.
The decline of UST was mainly due to a massive outflow of liquidity from the stablecoin as the price of bitcoin fell below $35,000. Investors started selling their UST holdings as TeraUSD fell below $0.98, creating even more pressure.
The Luna Foundation Group began a massive sale of its holdings to protect the peg, but due to the collapse of BTC, which was the main collateral behind UST, the foundation could not hold the peg and failed to prevent another drop.