coinfomania.com
The quick decline of Terraform Labs-backed project Terra (LUNA) has been the talk of the week with millions of investors around the world impacted. Fresh reports from South Korea allege that affected investors are now targeting Terraform Labs CEO Do Kwon’s family.
Do Kwon’s family is reportedly unsafe, as his wife received an unexpected visit from a stranger at their residence on Thursday. An unidentified man broke into the premises of Kwon’s apartment, knocked on the door, rang the doorbell, and asked his spouse if her husband was at home before running away from the premises.
Feeling unsafe, Kwon’s wife requested that the local police provide her with personal protection. The report reveals that police are currently on the move to identify and apprehend the perpetrator. While investigations are still ongoing, it is unknown if the individual was an investor in UST or LUNA.
“If a person subject to safety measures for crime victims reports 112, they will be dispatched first. We plan to review what additional measures are needed through the investigation,” a police official reportedly stated.
Do Kwon Terra/UST Saga Continues
Recall that Coinfomania had earlier reported that the Terra blockchain was halted to protect the protocol from being compromised by bad actors.
An official announcement revealed that the validators of the blockchain stopped validation at block 7603700. This meant that no new block was formed and investors had no way of performing transactions with their coins on the Terra blockchain. Some two hours later, block production resumed.
The price downtrend has severely affected Terra LUNA, which dropped from last week’s trading price at $80 to less than two cents, representing a 99% decrease in price. Terraform’s algorithmic stablecoin, TerraUST on the other hand, has dropped as well. At the time, it was trading at $0.1, after losing its peg to the U.S. dollar some days ago.
Interestingly, Do Kwon, the Terraform founder, shared a tweet thread two days ago showing that the company had plans to re-establish the UST peg. However, the new proposal has yielded little success so far, causing further misery to investors.