A Reddit post shows that a police report has been filed against the Chief Executive Officer of TerraForm Labs, Do Kwon, in Singapore. According to the post, the filing was done on behalf of investors who lost their funds to the failed projects in the Terra ecosystem, LUNA, and UST.
The police report mentioned that there are over 1000 citizens of the country who invested in both digital assets and who are disappointed about the outcome of their investments.
The report also called for the creation and enforcement of strict regulatory standards and accountability measures to curb financial bloggers from giving financial advice in Singapore.
Per the police report, Do Kwon should be made to refund investors who lost their money because he is still a Billionaire despite the huge loss experienced by others who invested in the Terra tokens
Terra Do Kwon Calls for Police Protection
In another development, Do Kwon has requested police protection over fears that his safety might be threatened.
Kwon, according to a community-based media outlet in Korea, requested protection from law enforcement agencies after his apartment was attacked on Thursday.
According to available information, the assailant had questioned Kwon’s wife about his whereabouts.
The Police have since confirmed the incident and revealed that it had commenced an investigation into the matter.
The attack on Kwon’s residence happened as the crypto industry continued to analyze the historical and almost unprecedented fall of Terra network’s LUNA and UST tokens, which were both created by Kwon.
Kwon, yesterday, ended his radio silence when he published a blog post urging the community not to abandon the Terra ecosystem.
The CEO made a new proposal that would see 1 billion tokens issued and shared amongst holders of LUNA and UST holders. This has played a role in the mini-renaissance that Terra witnessed in the last 24 hours.
Credit : LINK