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Topics: Cryptocurrency
Aisha Nozari
Online hacking collective Anonymous has promised to bring a crypto boss ‘to justice’ over a cryptocurrency crash that saw $40 billion wiped from investors’ holdings. Watch the video below:
Kwon Do-hyung, known as Do Kwon, is the co-founder of Terraform Labs - the platform behind Terra (Luna) and TerraUSD (UST) tokens - and the company is accused of ‘syphoning off the funds’ of investors.
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In a new YouTube video, Anonymous said: “The actions of Do Kwon, the founder of the Terra Luna ecosystem, is single-handedly responsible for scamming billions of dollars away from retail investors.”
Earlier this month, an Illinois resident sued Do Kwon alongside the other firms that make up the Luna Foundation Guard, claiming Do Kwon and co had misled investors and violated federal securities laws, according to Yahoo!.
The Independent reports that Do Kwon has denied the claims, despite more than 1,600 investors now having signed up to a lawsuit against him following Luna’s collapse in price last month.
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Taking to Twitter on 12 June, Do Kwon called the claims ‘categorically false’.
In Anonymous’ new video, the group continued: “The actions of Do Kwon, the founder of the Terra Luna ecosystem, is single-handedly responsible for scamming billions of dollars away from retail investors.
“Do Kwon made a name for himself with his arrogant tactics, trolling competitors, critics and acting like he would never fail ... However, he was quickly knocked down by the markets. The louder they are, the harder they tend to fall.”
Anonymous also alleged there’s ‘significant evidence that Do Kwon had bad intentions from the start’, but didn’t share any.
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The video went on: “It is obvious to us that Do Kwon has plenty of secrets and he has been very sloppy in his execution.
“Anonymous is looking into Do Kwon’s entire history since he entered the crypto space to see what we can learn and bring to light ... The only thing that we can do is hold [Do Kwon] accountable and make sure that [he] is brought to justice as soon as possible.”
UNILAD has approached Terraform Labs for comment.
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In May, the price of cryptocurrency Terra (LUNA) dropped by more than 99 percent and many investors lost a whole lot of money.
The digital coin peaked at $119 (£97) in April, before seeing a steady decline throughout the backend of the month down to $76 (£62).
The coin recovered in late April and climbed back up to $99 (£81) but then crashed again in early May, with LUNA taking the hardest hit and dropping to less than $1 in value.
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