- A Reddit user disclosed that a police report has been filed on behalf of 1,000 Singaporeans against Terra’s Do Kwon.
- Kwon expressed being in pain that his invention has caused.
- Reactions from Reddit users stated that nothing is going to happen with the police report.
A concerned citizen from Singapore filed a police report with the authorities against Terraform Labs CEO Do Kwon.
According to a user from social media platform reddit, the police report against Kwon was filed on behalf of LUNA and UST investors who have lost money during the de-pegging and LUNA price inflation period.
The anonymous citizen wanted to seek justice for all those who have lost money in what he called ‘Luna Cryptocurrency scam’. He added that “there are at least more than 1000 Singaporeans that I know that invested in UST and Luna.”
He said that UST will remain pegged at $1 but it dropped to $0.1 because the ponzi scam collapsed. Moreoer,He pointed out that LUNA became worthless overnight, losing a total of $32 billion.
According to the police report, Kwon is a “serial scammer, making Billions off hard-earned sweat money of gullible investors.”
The complainant disclosed that Terra’s CEO should:
“Refund investors the money he earned of Luna. Do Kwon is currently living in Singapore so there is a chance that Singapore can still freeze his assets before he flees overseas.”
Earlier, Kwon had expressed being heartbroken in a tweet about the pain his creation has brought to investors. He also disclosed that he did not sell his LUNA and UST holdings while the crisis was going on.
Most of the responses from Reddit users expected nothing good will come out of this police report. Furthermore, a user named “kyuno” said: “dealing with crypto is high risk. the police won’t get your money neither will they do anything to Do Kwon.”
Recommended News :
Crypto News Land (cryptonewsland.com), also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.