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The sudden disappearance of the value of the two digital currencies earlier this month shocked investors and wiped out about $ 400 billion from the South Korean market, including other cryptocurrencies, including the most powerful, Bitcoin.
As people lost their savings and are now appealing for help, one of them was arrested after knocking on the door of the home of an elusive ‘businessman’ at the center of the scandal.
In the volatile world of cryptocurrencies, wealth can be gained or lost quickly – but the collapse in value in May 2022 hit a man hard in South Korea. He told the BBC that his life had been ruined.
“I felt like I was going to die,” says the cryptocurrency issuer known as ‘Chancers’. “I lost a lot of money very quickly. A value of about $ 2.4 million disappeared from my cryptocurrencies. “
Chancers has been investing in cryptocurrencies since 2017, and says it has become rich the last five years since the rise in the value of Bitcoin and other digital currencies.
“Here in Korea I was among the top 1% successful in finance, but after the collapse, I’m in trouble now,” says Chancers, adding that he invested $ 800,000 of his money in a currency called Terra Luna, perhaps at the worst possible moment. .
Strong bet
Terra Luna became popular in 2021, when the value of a coin rose from $ 5 to $ 116 in April this year.
Like many others, Chancers backed the bet that its value would increase even more.
But suddenly its value on May 9 dropped to 0, losing 99% of its value within 48 hours.
Now a Terra Luna electronic coin is worth $ 0.0002.
The fall of Terra Luna began when its sister currency TerraUSD, began to fall, according to experts.
As the value of TerraUSD began to decline, so did the panic sale of Terra Luna coins that wiped out billions of dollars from the digital marketplace.
At the center of the chaos was Do Kwon, the unknown businessman who had invented the Terra systems on which digital coins were built, according to the BBC.
Thousands of people were put on the search for the 30-year-old on social media, demanding answers for their money.
But Chancers went one step further.
Seeing the lack of communication from Kwon, he discovered the millionaire’s address in Seoul and knocked on his door.
He even decided to share the confrontation with him with live viewers watching his online channel AfreecaTV.
He was disappointed when Kwon’s wife responded and told him that the husband was not home.
But a little later the police were informed and he was arrested.
Local media captured the moment he was escorted to Seongdong police station in Seoul.
“I did not enter by force or threaten anyone, but under Korean law it is illegal to even go there to talk,” said Chancers, who now faces fines and restrictions.
Chancers say he regrets trying to speak directly to Kwon but says cryptocurrency owners are not held accountable for their actions that affect many people.
About 250,000 had invested in Terra coins in South Korea.
Before Terra launched, in 2020, Kwon was responsible for the failure of another cryptocurrency, Basis Cash.
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